Middle East Crude-Benchmarks decline as market focus on Middle East tension

- Middle East crude benchmark spot premiums fell for Dubai, Murban and Oman on Monday as traders assessed the U.S.-Iran peace talk outlook and traffic through the Strait of Hormuz.

Trading activity remained light, while some more offers emerged in the market.

More than 20 vessels passed the Strait of Hormuz on Saturday, data from shipping analytics firm Kpler showed, the highest number of ships crossing the waterway since March 1.

Oil prices jumped more than 6% in early Monday trading on fears that the ceasefire between the United States and Iran could collapse after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted. O/R

In spot tender, Taiwan's CPC bought two million barrels of U.S. WTI crude from trader Trafigura for July arrival, trade sources said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $1.59 to $11.72 a barrel.

SELLER-BUYER

PRICE ($/BBL)

SHELL-BP

97.10

SHELL-TOTAL

97.10

SHELL-TRAFIGURA

96.90

SHELL-VITOL

96.90

SHELL-VITOL

98.50

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

97.51

101.91

GME OMAN DIFF TO DUBAI

10.73

13.02

CASH DUBAI

98.50

102.20

NEWS

An oil tanker is heading to discharge its cargo at South Korean refiner HD Hyundai Oilbank after passing through the Strait of Hormuz, shipping data showed.

China's fuel oil exports, mostly made up of low-sulphur fuel oil for marine bunkering, climbed to a three-month high in March, official data showed on Monday, while imports fell.

The Trump administration on Friday renewed a waiver allowing countries to buy sanctioned Russian oil at sea for about a month, even as lawmakers accused the government of going easy on Moscow as its war on Ukraine grinds on.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

GME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GO10SGCKMc1

Naphtha crack

NAF-SIN-CRK

Gasoline crack

GL92-SIN-CRK

Complex refining margins

REF/MARGIN1