Middle East crude benchmarks Oman, Dubai and Murban extended gains to above $3 a barrel, hitting their highest levels in four months as fighting between Israel and Iran intensified, raising concerns about supply disruption in the Gulf.
Trade on the Dubai Platts window thinned, with just one deal concluded.
More details emerged for QatarEnergy tenders for August-loading crude. The producer has awarded Qatar Land to Vitol and Qatar Marine to Reliance, traders said.
For regional oil, Petronas has sold August-loading Labuan crude to PTT at $8 a barrel above dated Brent.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 65 cents to $3.34 a barrel.
NEWS
Israel struck a key Iranian nuclear site on Thursday and Iranian missiles hit an Israeli hospital, as President Donald Trump kept the world guessing about whether the U.S. would join Israel in airstrikes seeking to destroy Tehran’s nuclear facilities.
U.S. oil major Chevron has sought non-binding bids for the sale of its 50% stake in Singapore Refining Company (SRC), including from joint venture partner PetroChina, eight sources familiar with the matter told Reuters.
Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia’s investment envoy Kirill Dmitriev told Reuters.
Commercial ships are sailing close to Oman and are being advised by maritime agencies to avoid Iran’s waters around the Strait of Hormuz, with the risk of the conflict between Israel and Iran escalating, shipping sources said on Wednesday.
U.S. crude oil stockpiles fell sharply last week, posting their largest decline in a year, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.
Source: Reuters