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

ME News updates, on April 2 (UTC+8), according to data from Argus Media, after the U.S. temporarily loosened some sanctions on Iranian oil, Iranian crude oil first began trading at a premium versus the global benchmark Brent crude since May 2022. On March 26, Iranian main export-grade crude was trading at a premium to Brent of about $1 per barrel, whereas earlier this year, under comprehensive sanctions, its crude traded at a discount of about $10 per barrel. This change shows that Tehran is benefiting from its control over the Strait of Hormuz. With Brent holding around $107 per barrel and global supply constrained, buyers are willing to pay a premium for crude oil that is still circulating. By blocking the passage of Gulf oil-producing countries while allowing its own cargoes to move, Iran has created a transportation bottleneck, lifting global oil prices and increasing the relative value of Iranian light crude. Tanker-tracking data shows that vessels associated with Iran are still transporting cargoes through strategic waterways and unloading from floating storage facilities. (Jin10) (Source: ODAILY)