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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 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 was priced at about a $1 per barrel premium to 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 still remains tradable. By blocking the passage of oil producers in the Gulf while allowing its own shipments to move, Iran has created transportation bottlenecks, pushing up global oil prices and increasing the relative value of Iran’s light crude. Tacker tracking data shows that vessels related to Iran continue to transit through strategic waterways and unload from floating storage facilities.(Jin10 ) (Source: ODAILY)