Iran's crude oil discount widens to $5 per barrel, with Asian maritime inventories surging by 60%

(1) According to traders participating in the market, the discount on Iranian light crude oil relative to ICE Brent crude prices has now widened to about $5 per barrel, compared to around $2.50 per barrel just two weeks ago, marking a significant deepening of the price discount. (2) Based on data compiled by intelligence company Kpler, since the United States reimposed the maritime blockade in mid-July, the stockpiles of Iranian crude in Asian waters have surged by 60% to 24.4 million barrels, reflecting an export bottleneck leading to a supply buildup. (3) The area with the highest concentration of inventory is near the Singapore Strait off the east coast of Malaysia, a common anchorage for ship-to-ship transfers, where many tankers loaded with Iranian oil tend to congregate.