Iran crude prices slashed as more shipments leave Hormuz – Bloomberg
Sellers of Iranian crude to China have cut prices after Iran began shipping millions of barrels out of Hormuz following an interim peace deal with the United States, Bloomberg reported on Monday.
Spot cargoes of Iranian Light crude for July arrival were being offered at discounts of $2.50 to $5 a barrel to Brent benchmark prices, the report said, citing people directly involved in the trade.
That compared with a discount of about $1 a barrel before the deal.
Iran has increased the amount of crude it openly sends through the Strait of Hormuz to the highest level since the war began, as regional shipping activity picked up while Tehran and Washington worked toward a lasting peace deal, Bloomberg said in a separate report.
Around six million barrels of Iranian crude were aboard three US-sanctioned supertankers - Elva, Virgo and Vigor - that entered the chokepoint early Monday, it said, citing ship-tracking data.
The vessels were signaling destinations in waters off Singapore, where Iranian crude is known to be transferred to ships that often deliver the oil to refineries in China, it added.
