Middle East crude benchmark spot premiums of Oman and Dubai declined for a second session on Tuesday, while that of Murban edged up.

Trade remained light as caution over Middle East tension continued, the latest development being Israeli Defence Minister Israel Katz said he had ordered the military to strike Tehran in response to what he said were missiles fired by Iran in a violation of the ceasefire announced hours earlier by U.S. President Donald Trump.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 27 cents to $2.21 a barrel.

NEWS

** U.S. President Donald Trump urged his administration on Monday to boost drilling rates and market players to keep oil prices down amid fears that the aftermath of the U.S. attacks on Iran’s nuclear facilities could cause energy prices to spike.

** China has issued a second batch of 2025 naphtha import quotas, nearly doubling last year’s allocations, as demand rises due to disruptions in U.S. supplies of cheaper alternatives, propane and ethane as well as new cracker startups, six trade sources said.

** Hungary and Slovakia have decided not to support the EU’s plan for an 18th sanctions package against Russia, Hungarian Foreign Minister Peter Szijjarto said on Monday in a press briefing broadcast on his Facebook page.

** Venezuela’s second-largest refinery, the 310,000-barrel-per-day Cardon plant operated by state company PDVSA, remained halted on Monday after a power blackout, three sources with knowledge of its operations said.
Source: Reuters