On April 2nd, according to Argus Media, since the U.S. temporarily eased some sanctions on Iranian oil, Iranian crude has for the first time since May 2022 traded at a premium over the global benchmark Brent crude.

On March 26th, Iranian main export-grade crude was priced about $1 per barrel above Brent crude, whereas earlier this year under full sanctions, its crude was discounted by about $10 per barrel. This change indicates that Tehran is benefiting from its control over the Strait of Hormuz.

With Brent crude remaining around $107 per barrel and global supply constrained, buyers are willing to pay a premium for oil that is still able to flow. By blocking Gulf producers' transit and releasing its own cargoes, Iran has created transportation bottlenecks, driving up global oil prices and increasing the relative value of Iranian light crude.

Oil tanker tracking data shows that vessels related to Iran continue to transit through strategic waterways and unload at floating storage facilities.