Iranian crude oil prices have traded at a premium to Brent for the first time since 2022.

ME News Report, April 2 (UTC+8), according to Argus Media data, after the United States temporarily eased some sanctions on Iranian oil, Iran’s crude oil has for the first time since May 2022 traded at a premium over the global benchmark Brent crude. On March 26, Iran’s main export-grade crude was priced about $1 per barrel above Brent, 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 maintaining around $107 per barrel and global supply constrained, buyers are willing to pay a premium for oil that can still flow. By blocking Gulf producers’ passage while allowing its own shipments to pass, 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. (Jin10) (Source: ODAILY)