TechFlow News, April 2: According to data from Argus Media, following the U.S. temporary easing of certain sanctions on Iranian oil, Iranian crude oil has, for the first time since May 2022, traded at a premium to the global benchmark Brent crude. On March 26, Iran’s primary export-grade crude traded at a premium of approximately $1 per barrel over Brent, whereas earlier this year—under comprehensive sanctions—it traded at a discount of about $10 per barrel. This shift indicates that Tehran is benefiting from its control over the Strait of Hormuz. With Brent crude holding steady around $107 per barrel amid constrained global supply, buyers are willing to pay a premium for crude oil still available in the market. By blocking the passage of Gulf oil producers while allowing its own shipments to proceed, Iran has created a transportation bottleneck—driving up global oil prices and enhancing the relative value of Iranian light crude. Tanker-tracking data shows vessels linked to Iran continue transporting oil through this strategic waterway and offloading cargo from floating storage facilities. (Jinshi Data)
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