Middle East crude benchmarks Oman and Murban fell for a third consecutive session on Thursday, while that for Dubai held firm.

Oil prices fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing, while a surprise build up in U.S. crude oil inventories last week heightened investor concerns about oversupply.

QatarEnergy has lowered the term price for al-Shaheen crude oil cargoes loading in July, setting it at a premium of $1.63 per barrel above Dubai quotes, trade sources said on Thursday.

The term price marked a decline from the premium of $1.76 per barrel set for June-loading cargoes.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps was unmoved at $1.14 a barrel.

NEWS

The International Energy Agency (IEA) said on Thursday economic headwinds combined with record sales of electric vehicles will reduce global oil demand growth to 650,000 barrels per day for the remainder of 2025.

Saudi Aramco 2222 said on Wednesday it had signed 34 preliminary deals with major U.S. companies, potentially worth up to $90 billion in a push to deepen commercial ties with the United States on the back of President Donald Trump’s visit to the kingdom.

Japanese oil companies are scaling back decarbonisation initiatives, including hydrogen and ammonia projects, amid a global shift towards more stable and cost-effective fossil fuels.
Source: Reuters