The price of Iranian oil now stands at about $10 a barrel below world prices, a drop in prices of between $5 and $6 since February when Russia invaded Ukraine.

In light of US sanctions and the search for crude oil buyers, Tehran is lowering its oil prices to compete with Russian crude oil in the Chinese market.

International sanctions have led Moscow to price its crude oil exports at a low price to find buyers in the international market.

Russia's crude oil, Ural, is now trading at less than $90 a barrel. That's $18 less than WTI and $22 less than Brent.