Middle East oil benchmarks hit record highs as conflict cuts provision
Spot premiums for Middle East crude grades Oman and Dubai have soared to all-time highs even as commerce slumps due to the US and Israeli conflict
An illustrative image related to: Middle East oil benchmarks hit record highs as conflict cuts provision, highlighting key aspects of the story. | Image source: Dawn.com
Middle East oil benchmarks hit record highs as conflict cuts provision
Spot premiums for Middle East crude grades Oman and Dubai have soared to all-time highs even as commerce slumps due to the US and Israeli conflict on Iran, with some traders arguing that the benchmarks have lost relevance due to provision disruption.
The surge in the benchmarks, used to price millions of barrels of Middle Eastern crude bound for Asia, is pushing up costs for Asian refiners, forcing them to seek alternatives or reduce output further in coming months.
Cash Dubai’s premium to swaps jumped to $56 a barrel on Monday, compared with an average of 90 cents in February, figures from S&P Global Platts and Reuters showed. The premium accounts for about a third of the grade’s value, assessed at $153 a barrel by Platts for May-loading cargoes, versus $111.76 for Murban futures.
Dubai prices are distorted, given its wide price gap with Murban, three commerce sources stated.
Similarly, the premium for Oman crude futures to Dubai swaps hit a record near $51 a barrel on Friday, far above February’s 75 cents average.
Middle East crude outflows to Asia fell to 11.665m barrels per day (bpd) in Public demonstration, down from nearly 19m bpd in February and about 32 per cent lower than Public demonstration 2025 levels, as the conflict halts shipping through the Strait of Hormuz, figures from analytics firm Kpler showed.
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