TEHRAN – Heavy crude prices have eased from the elevated levels of recent years, reflecting a broader adjustment across global benchmarks as supply conditions normalize and geopolitical risks moderate.

OPEC’s November report shows the average price of Iran’s heavy crude at about $70.7 over the first ten months of 2025, compared with $81 in 2024.

The shift follows a period of unusually high prices in 2022 and 2023, when elevated volatility pushed global oil indicators above $100 per barrel.

The pattern aligns with movements in wider benchmarks. The OPEC Reference Basket averaged $70.8 in the same period, down from its 2022 high of roughly $102, while North Sea Brent moved to around $70.1 after similar peaks.

Market analysts attribute the adjustment to a combination of increased OPEC+ output aimed at balancing supply, steadier expectations for global economic growth, and a relative easing of geopolitical tensions.

After the sharp surge triggered by the Russia–Ukraine conflict in early 2022, prices have gradually settled into a more stable range as markets absorb earlier shocks and adjust to long-term supply expectations.

EF/MA