Middle East crude benchmark spot premiums of Oman and Murban rose on Tuesday, while Dubai slipped after a weekly gain.

Oil prices steadied near five-week highs on Tuesday as threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran countered worries about the impact of a trade war on global growth.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose/fell x cents to $xx a barrel.

PetroChina will deliver three June-loading Upper Zakum crude cargoes following the deals, with two to Vitol and one to Gunvor.

China’s oil consumption will rise 1.1% in 2025 to 765 million metric tons amid better-than-expected economic growth and increasing demand for petrochemicals, a think tank affiliated with state energy company China National Petroleum Corp said on Tuesday.

Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron
CVX
and Exxon Mobil
XOM
to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production.

The Caspian Pipeline Consortium, which exports Kazakhstan and Russia’s oil from the Black Sea, announced on Monday it had halted operations at two of its terminal’s three mooring points.

Commodity trader Gunvor on Tuesday reported that in 2024 its revenue increased to $136 billion, led by growth in physically traded volumes of crude oil and refined products.

The former head of trader Mercuria’s Beijing operation is joining China’s largest private oil refining and chemical group Rongsheng Holdings in a senior position, according to four sources with direct knowledge of the matter.
Source: Reuters