Middle Eastern benchmarks Oman, Dubai and Murban rose on Friday to two-week-high levels, underpinned by robust trades in the spot market and U.S. sanctions on crude tankers hauling Russian oil.

Spot premiums for medium sour Oman and Dubai crude rose to $1.79 and $1.89 a barrel over the Dubai quotes, respectively, the levels last seen on Nov. 6.

The United States on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7’s price cap as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.

Three oil tankers, newly sanctioned by Washington, regularly shipped Russian Sokol crude to India in recent months, shiptracking data from LSEG and Kpler showed.

The market continued to watch if the U.S. will impose sanctions on vessels hauling other Russian crude grades, which may prompt refiners to shun Russian oil and buy from other suppliers.

In tenders, Taiwan’s CPC is seeking sweet crude for February-arrival. The validity of the tender is until Nov. 20.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 37 cents to $1.89 a barrel.

NEWS

Saudi Arabia’s crude oil exports in September rose 3% from the previous month to 5.75 million barrels per day (bpd), data from the Joint Organizations Data Initiative (JODI) showed on Thursday.

U.S. oil firm Chevron Corp CVX.N has begun supplying fuel to Venezuela’s state-run oil company PDVSA under Washington’s approval of expanded deals with the South American country, three people familiar with the matter said on Thursday.

Nigeria is withdrawing civil claims totalling $1.1 billion against Italian energy group Eni ENI.MI and related to allegations of corruption in an oilfield deal, Bloomberg News reported on Thursday.
Source: Reuters (Reporting by Muyu Xu; Editing by Sohini Goswami)