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

ME News message, April 2 (UTC+8). According to Argus Media data, after the United States temporarily eased some sanctions on Iranian oil, Iranian crude first began trading at a premium to the global benchmark Brent crude since May 2022. On March 26, Iranian main export-grade crude was priced at a premium of about $1 per barrel over Brent, whereas at the beginning of this year, under comprehensive sanctions, its crude was discounted by about $10 per barrel. This change 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 oil that remains tradable. By blocking the passage of Gulf oil-producing countries while allowing its own shipments to go 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 transit through strategic waterways and unload at floating storage facilities. (Jin10) （Source: ODAILY）