Oil Price in Iran, Islamic Republic of — Brent & WTI Crude Today
Live Brent and WTI crude oil prices with real-time charts. Track how global oil prices affect energy costs in Iran, Islamic Republic of. Iran, Islamic Republic of consumes approximately 1.9 million bbl/day of crude oil.
Brent Crude Oil
$75.11
USD / barrel
Updated: 2026/8/17 02:58:08
WTI Crude Oil
$71.03
USD / barrel
Updated: 2026/8/17 02:58:08
Brent–WTI Spread
$4.08
Brent $75.11 − WTI $71.03
The Brent-WTI spread reflects the price premium of Brent over WTI crude oil. A moderate spread suggests normal market conditions.
Oil Market & Iran, Islamic Republic of
Iran holds some of the world's largest proven oil reserves and is a major OPEC producer, though sanctions constrain its exports. Iranian crude is typically priced at a discount to Brent, and benchmark swings strongly affect its oil-dependent economy.
Classified here as a opec member state, Iran, Islamic Republic of trades against the Dubai/Oman average, with Brent for westbound cargoes. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Iran, Islamic Republic of settles at.
Fuel prices at the pump in Iran, Islamic Republic of
Crude oil is only part of what drivers in Iran, Islamic Republic of pay. Fuel duty, VAT, refining and distribution costs sit on top of the Brent benchmark. These pages break the pump price down component by component.
Oil Price in Iran, Islamic Republic of — FAQ
Where Iran, Islamic Republic of sits in the crude market
| Role in the crude market | OPEC member state |
|---|---|
| Priced against | the Dubai/Oman average, with Brent for westbound cargoes |
| Refining capacity | Refines mainly for the domestic market |
| Region | the Middle East |
| Pricing currency exposure | USD or USD-linked — no separate FX layer |
| Approximate consumption | 1.9 million bbl/day |
| Retail pricing regime | Administered / government-set pump prices |
Iran, Islamic Republic of is an OPEC member, which means its production is subject to a group quota rather than set purely by field capacity and price. Quota decisions taken at OPEC and OPEC+ ministerial meetings therefore move the Brent price and Iran, Islamic Republic of's own export volumes at the same time — and the two do not always pull revenue in the same direction. A cut that lifts the benchmark can leave total receipts flat if the volume reduction offsets the price gain.
Official selling prices for Asian buyers are set as a differential to the Dubai/Oman average, while cargoes heading west are priced against Brent. The Brent–Dubai spread therefore steers which direction barrels flow.
Iran, Islamic Republic of refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.
Crude is invoiced in US dollars worldwide. Where local prices are quoted in dollars or in a dollar-pegged currency, that removes one layer of volatility: buyers in Iran, Islamic Republic of face the crude move on its own, without an exchange-rate move stacked on top of it.
See the full country list on the oil price by country index, or compare the two global benchmarks on Brent vs WTI.
Oil Prices in the Middle East
Compare crude oil price dynamics across the Middle East. Each page tracks live Brent & WTI benchmarks and how they flow through local fuel markets and refining systems.