🚨🇮🇷 Iranian oil is now more expensive than Brent crude... Read that again. For decades, sanctioned Iranian crude traded at a $10-12 discount because buyers needed compensation for the legal risk of touching it. Dark fleet tankers, fake manifests, ship-to-ship transfers off Malaysia. Then the U.S. waived sanctions on already-loaded Iranian cargoes to cool global prices. The discount collapsed overnight from -$12 to zero. Then it kept going. Iranian Light crude is now trading at a $1-2 premium above Brent. Sanctioned oil trading above the global benchmark has essentially never happened before. The reason is scarcity. The waiver only covers oil already on tankers. With Kharg Island under threat and Iranian export infrastructure being bombed, these may be the last legal barrels of Iranian crude available for months. Asian refineries calibrated specifically for this grade of oil are in a bidding war for the final shipments. Iran is making more profit per barrel than at any point in the last 48 years while maintaining near-exclusive control of Hormuz. So yes, the country being bombed "back to the stone age" is selling its oil at a premium the stone age never imagined. Source: @Spectator_MENA
