Subscribe to Newsletter to get latest insights & analysis in your inbox. Download the ETEnergyworld App and get the Realtime updates and Save your favourite articles. Iranian Light is going for as much as $11 less than the global benchmark, they said, asking not to be named as they're not authorised to speak to media. That's widened from $8 to $9 in December.The independent Chinese refiners, known as teapots, have historically acted as the oil market's pressure valve, absorbing barrels shunned by others. So far, it looks like Iran is taking a hit as Russia muscles in on the market.

Source: Economic Times February 26, 2026 07:14 UTC