Gate News, April 2, according to data from Argus Media, since the United States temporarily eased some oil sanctions against Iran, Iranian crude oil has shown a premium versus the global benchmark Brent crude oil (the global benchmark crude oil price indicator) for the first time since May 2022. On March 26, Iran’s main export-grade crude was trading at a premium of about $1 per barrel to Brent, whereas earlier this year, under comprehensive sanctions, its crude was at a discount of about $10 per barrel. This change indicates 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 oil that is still able to move. By preventing the Gulf oil-producing countries from shipping through as usual while allowing its own cargoes to move, Iran has created transportation bottlenecks, driving up global oil prices and increasing the relative value of Iran’s light crude. Tanker tracking data shows that vessels associated with Iran still move through strategic waterways and unload from floating storage facilities.
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