Iranian crude oil prices have first traded at a premium over Brent 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 versus the global benchmark Brent crude since May 2022. On March 26, Iran’s main export-grade crude was priced at roughly $1 per barrel above Brent, while earlier this year under comprehensive sanctions, its crude traded at a discount of about $10 per barrel. This shift indicates 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 remains tradable. By blocking the passage of Gulf oil producers while allowing its own cargoes to go through, Iran has created transportation bottlenecks, pushing up global oil prices and increasing the relative value of Iranian light crude. Oil tanker tracking data shows that Iran-related vessels continue to transport through strategic waterways and unload at floating storage facilities. ( Jin ) (Source: ODAILY)