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[Middle East Crude Oil Benchmarks Diverge Further, Dubai Premium Slips to Monthly Low While Oman Strengthens] ⑴ The Dubai spot premium for Middle Eastern benchmark crude oil fell to a one-month low on Thursday, with the settlement price narrowing by $1.83 to $12.56 per barrel compared to swap contracts, while the premiums for Upper Oman and Murban crude oils saw slight increases. ⑵ Trading in the spot window was thin, with Unipec, as the seller, placing numerous orders and completing transactions with buyers such as Trafigura, Vitol, Mitsui, BP, and Total, with prices ranging from $99 to $102 per barrel. ⑶ The weakening Dubai premium is partly attributed to the mean reversion effect after Trafigura's strong buying in last month pushed up the base. Currently, market participants tend to maintain a light position and wait and see until the prospects for navigation in the Strait of Hormuz become clearer. (4) The settlement price of Oman crude oil futures was $101.88 per barrel, a significant rebound from $99.06 per barrel in the previous trading day. Its premium over Dubai crude also widened from $12.25 to $12.44. (5) Crude oil spot prices generally strengthened in tandem with futures, with Brent and WTI crude rising by 3% intraday. Market concerns persisted about whether the fragile two-week ceasefire agreement could guarantee the smooth flow of energy through the Hormuz. (6) Glencore chartered a tanker to load crude oil from the Middle East for shipment to Asia, while several ships in the Gulf region stood by to transit the strait. (7) Institutional calculations show that Russia's largest single oil tax revenue in April will double to $9 billion, driven by soaring oil and gas prices triggered by the US-Israeli military action against Iran. (8) Goldman Sachs lowered its second-quarter target price for Brent crude to $90 per barrel and its target price for WTI crude to $87 per barrel on Wednesday evening, as the geopolitical premium cooled temporarily after the ceasefire agreement was reached.