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Iranian crude oil is trading at a premium to Brent for the first time since 2022.

2026-04-03 16:10:59

Iranian Oil Trades at Premium for First Time Since 2022 as Strait Tensions Bite

Iranian crude is trading at a premium to global benchmark Brent for the first time since May 2022. The shift follows a temporary US easing of some oil sanctions.

On March 26th, Iran's main export grade fetched a premium of about $1 per barrel to Brent. Earlier this year, under full sanctions, it was trading at a roughly $10 discount. The change shows Tehran is benefiting from its grip on the Strait of Hormuz.

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With Brent holding around $107 a barrel and global supply tight, buyers are willing to pay up for crude that can still move. By blocking Gulf producers while letting its own shipments through, Iran has created a shipping bottleneck. That's pushing up global prices and boosting the relative value of its own light crude. Tanker tracking data shows Iran-linked vessels are still moving through the strategic waterway and offloading from floating storage.

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