According to Argus Media data, Iranian crude oil has traded at a premium to the global benchmark Brent crude for the first time since May 2022, following the temporary easing of some US sanctions on Iranian oil. On March 26, Iranian main export-grade crude was trading at a premium of approximately $1 per barrel to Brent, compared to a discount of approximately $10 per barrel earlier this year under comprehensive sanctions. This change indicates that Tehran is benefiting from its control of the Strait of Hormuz. With Brent crude holding at around $107 per barrel and global supply constrained, buyers are willing to pay a premium for crude that remains available. By blocking passage for Gulf oil-producing countries while allowing its own cargo to pass, Iran has created a transportation bottleneck, driving up global oil prices and increasing the relative value of Iranian light crude. Tanker tracking data shows that vessels associated with Iran are still transporting goods through strategic waterways and unloading from floating storage facilities. (Jinshi)