Iran's main export-grade crude traded about $1 per barrel above Brent on March 26, marking its first premium to the benchmark since May 2022. Argus Media data showed the grade was discounted by about $10 per barrel at the start of this year before the US temporarily relaxed some sanctions on Iranian oil. Brent held around $107 per barrel, and tanker tracking data showed vessels associated with Iran continued moving through the Strait of Hormuz and unloading floating storage.