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

MeNews · 2026-04-02T20:20:18+00:00

Since the United States temporarily eased sanctions on Iranian oil, Iran's crude oil has for the first time traded at a premium to the global benchmark Brent crude, with an increase of about $1 per barrel. This reflects Iran's gains under the control of the Strait of Hormuz and has pushed up global oil prices.

MeNews

2026-04-02 20:20:18

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ME News update, April 2 (UTC+8). According to data from Argus Media, after the United States temporarily relaxed some sanctions on Iranian oil, Iranian crude oil first started trading at a premium versus the global benchmark Brent crude since May 2022. On March 26, the premium for Iran’s main export-grade crude versus Brent was about $1 per barrel, whereas earlier this year under comprehensive sanctions, its crude was trading at a discount of about $10 per barrel. This shift shows that Tehran is benefiting from its control of 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 is still fungible. By blocking the normal passage of crude oil from Gulf producers while releasing its own cargo, Iran has created a transportation bottleneck, pushing up global oil prices and increasing the relative value of Iran’s light crude. Vessel tracking data shows that ships associated with Iran are still transporting through strategic waterways and offloading from floating storage facilities. (Jin10) (Source: ODAILY)

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