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

ME News, April 2 (UTC+8). According to data from Argus Media, after the United States temporarily eased some sanctions on Iranian oil, Iranian crude oil has, for the first time since May 2022, traded at a premium to the global benchmark Brent crude. On March 26, Iran’s main export-grade crude was priced at about $1 per barrel above Brent, whereas at the beginning of this year under comprehensive sanctions, its crude was discounted by about $10 per barrel. This shift shows that Tehran is benefiting from its control over the Strait of Hormuz. With Brent crude holding 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-producing countries while allowing its own cargoes to be shipped through, Iran has created transportation bottlenecks, pushing up global oil prices and increasing the relative value of Iran’s light crude. Tanker tracking data shows that vessels associated with Iran still transport via strategic waterways and unload at floating storage facilities. (Jinshi) (Source: ODAILY)