Iranian Light crude trades at a $0.50-$1 discount to ICE Brent as China’s refiners reduce purchases to multi-month lows.
Iranian Light crude has fallen to discounts of $0.50 to $1 per barrel against ICE Brent, the first such decline in two months. The shift follows a sharp drop in Chinese imports, Iran’s largest export market, as independent refiners scale back operations amid weaker demand.
China’s teapot refiners, which account for the bulk of Iranian oil purchases, have reduced run rates in recent weeks. Imports from Iran have slumped to multi-month lows, pressuring prices and eroding premiums that had persisted since early summer.
The discount reflects broader softness in Asian crude demand, with refiners adjusting inventories ahead of seasonal maintenance and slower economic activity.