BlockBeats News, April 2, according to data from Argus Media, since the United States temporarily eased some sanctions on Iranian oil, Iranian crude oil has seen a premium versus the global benchmark Brent for the first time since May 2022. On March 26, Iranian main export-grade crude oil traded at a premium of about $1 per barrel versus Brent, whereas earlier this year, under comprehensive sanctions, its crude oil was at a discount of about $10 per barrel.
This shift shows that Tehran is benefiting from its control over the Strait of Hormuz. With Brent crude staying at around $107 per barrel and global supply constrained, buyers are willing to pay a premium for crude oil that can still circulate. By blocking the passage of Gulf oil-producing countries while allowing its own cargoes to move, Iran has created a transportation bottleneck, driving up global oil prices and increasing the relative value of Iran’s light crude oil. Tanker-tracking data shows that vessels associated with Iran are still transporting through strategic waterways and offloading from floating storage facilities. (Jin10)
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