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Iranian crude oil prices have traded at a premium to Brent for the first time since 2022.
ME News message, April 2 (UTC+8), according to data from Argus Media, after the United States temporarily eased some sanctions on Iranian oil, Iranian crude oil first began trading at a premium over the global benchmark Brent crude since May 2022. On March 26, Iran’s main export-grade crude traded at a premium of about $1 per barrel over Brent, whereas earlier this year under comprehensive sanctions, its crude was discounted by about $10 per barrel. This change shows that Tehran is benefiting from its control of the Strait of Hormuz. With Brent crude holding at around $107 per barrel and global supply constrained, buyers are willing to pay a premium for crude that is still tradeable. By preventing passage for Gulf oil-producing countries while allowing its own shipments, Iran has created transportation bottlenecks, driving up global oil prices and increasing the relative value of Iran’s light crude. Tanker tracking data shows that vessels related to Iran still transport via strategic waterways and unload from floating storage facilities. (Jin10) (Source: ODAILY)