Iranian oil is now more expensive than Brent crude:

Iranian Light crude is trading at a premium of +$1 per barrel to Brent for the first time since May 2022.

This is a sharp reversal from the -$10 per barrel discount in early 2026.

This means buyers are now paying more for Iranian oil than the global benchmark, unlike the usual steep discounts under sanctions.

The shift came after the US temporarily waived some sanctions on Iranian oil on March 20th.

Iran is also the only major Gulf producer that is still able to export through the Strait of Hormuz while Saudi Arabia, Kuwait, and others remain effectively blocked.

As a result, buyers are paying for any barrels that can still move, even those that were previously restricted.

Iran is increasingly benefiting from disruptions in regional oil flows.