Middle East Crude-Benchmarks rise on supply fears amid US-Iran hostility

Energy
SAUDI ARAMCO

Energy

TENI.SA

0.00

SAUDI ARAMCO

2222.SA

0.00

- Middle East crude benchmarks Oman, Dubai and Murban differentials jumped on Monday on supply fears as the U.S. and Iran expanded attacks in the Middle East.

Over the weekend the U.S. conducted a ninth straight night of attacks against Iran, while U.S. allies Kuwait and Bahrain reported more Iranian strikes.

Four vessels made the transit through the Strait of Hormuz on Sunday, down from eight the previous day, LSEG data showed. At least three oil product tankers and one Very Large Crude Carrier have entered the strait since Friday to load oil, the data showed.

During Asian trading hours, Brent oil futures topped $90 per barrel, hitting the highest since June 11. However, futures prices reversed gains after Iran's foreign ministry said negotiations with the U.S. could be pursued based on national interests. O/R

SINGAPORE CASH DEALS

Cash Dubai's discount to swaps flipped to a premium of 74 cents, up by 92 cents a barrel.

Vitol will deliver a September-loading Oman crude cargo to Mitsui following the deals.

SELLER-BUYER

PRICE ($/BBL)

MERCURIA-TRAFIGURA

79.60

VITOL-TRAFIGURA

79.60

MERCURIA-TRAFIGURA

79.60

VITOL-TRAFIGURA

79.60

MERCURIA-BP

79.60

VITOL-TRAFIGURA

79.60

MERCURIA-BP

79.60

VITOL-MITSUI

79.60

MERCURIA-BP

79.60

MERCURIA-BP

79.60

VITOL-MITSUI

79.60

MERCURIA-TRAFIGURA

79.60

MERCURIA-TRAFIGURA

79.60

VITOL-MITSUI

79.60

MERCURIA-TRAFIGURA

79.60

MERCURIA-MITSUI

79.60

MERCURIA-BP

79.61

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

79.45

77.09

GME OMAN DIFF TO DUBAI

0.58

0.01

CASH DUBAI

79.61

76.90

NEWS

China's June crude oil imports from Russia, its biggest supplier, fell 1% year-on-year to 8.3 million tons, or 2.02 million barrels per day, according to customs data published on Monday.

China's exports of fuel oil, mainly for marine fuel bunkering, climbed 55% month-on-month in June, customs data showed on Monday, reaching the highest in 2026 so far.

U.S. gasoline pump prices crossed the $4 a gallon mark on Monday as renewed hostilities between the U.S. and Iran further disrupt energy flows through the Strait of Hormuz, a critical route for global oil supplies.

A vessel operated by Greek shipping firm Dynacom caught fire after it was struck by an unknown projectile 8 nautical miles northwest of Oman's Kumzar overlooking the Strait of Hormuz, maritime security officials said on Monday.

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