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

MeNews · 2026-04-02T17:03:34+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 17:03:34

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ME News Update, April 2 (UTC+8), according to data from Argus Media, after the United States temporarily eased some sanctions on Iranian oil, Iranian crude oil for the first time since May 2022 has traded at a premium versus the global benchmark Brent. On March 26, the premium on Iran’s main export-grade crude oil over Brent was about $1 per barrel, whereas at the beginning of this year—under comprehensive sanctions—its crude was priced at a discount of about $10 per barrel. This change indicates that Tehran is benefiting from its control of the Strait of Hormuz. With Brent holding around $107 per barrel and global supply remaining constrained, buyers are willing to pay a premium for crude oil that is still tradable. By blocking the passage of oil shipments from Gulf producing countries while allowing its own cargoes to move, Iran has created a transportation bottleneck, pushing up global oil prices and increasing the relative value of Iran’s light crude oil. Tanker-tracking data shows that vessels associated with Iran still transport via strategic waterways and unload from floating storage facilities. (Jin10) (Source: ODAILY)

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