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2026-05-28 18:31:26
[Middle East benchmark crude premiums jump as tensions in the Strait of Hormuz ignite supply concerns] ⑴ On Thursday, premiums for Middle Eastern crude benchmarks such as Oman, Dubai, and Murban rose as escalating tensions in the Persian Gulf fueled supply concerns. The Iranian Revolutionary Guard attacked a US airbase after the US military struck Iranian drone operations near the Strait of Hormuz. Oil prices jumped more than 2% on the day. ⑵ The premium for cash Dubai crude over swaps rose $2.64 to $12.67 per barrel. GME Oman crude was quoted at $103.49 per barrel, with a spread of $16.96 over Dubai, up from $7.10 previously. Cash Dubai was quoted at $99.20 per barrel. ⑶ South Korea's SK Energy has issued a tender seeking Middle Eastern crude and condensate for shipments from the UAE, Oman, and Qatar for July to October. The tender closes on June 2. Data shows that earlier this week, two very large crude carriers and one liquefied natural gas carrier sailed out of the Strait of Hormuz with their transponders off, bound for China and India. (4) Singapore's middle distillate fuel inventories fell to a near two-month low due to continued declines in imports. Analysts pointed out that the US exemption policy allowing foreign-flagged vessels to transport oil between US ports has had a limited impact on stabilizing domestic gasoline prices due to high freight rates and relatively small transport volumes.
