Fuel / NEWS UPDATE
Middle East Physical Crude Slides While Brent Hits Five-Month High
Published · 1 min read
Physical crude prices from the Middle East have softened this week, contrasting with the international benchmark Brent Crude, which hit a five-month high.
Crude grades from Iraq and Oman are now deeply discounted to the Dubai benchmark due to increased oil flows through the Strait of Hormuz and ship-to-ship transfers in the Gulf of Oman. The premium of Oman crude over Dubai, a key indicator of Middle Eastern market strength, has fallen to its lowest level since late July.