On Friday, oil traded above $72 per barrel, nearing its highest level since July of last year. Two trade sources stated that Abu Dhabi National Oil Company (ADNOC), the UAE's oil producer, plans to increase exports of its flagship Murban crude in April. This move indicates that major Middle Eastern exporters are ramping up supply as concerns grow that potential U.S. strikes against Iran could disrupt regional oil shipments. U.S. President Donald Trump has indicated he is considering military action against Iran to pressure its leaders into an agreement limiting Tehran's nuclear program. In recent weeks, the U.S. has significantly increased its military presence in the Middle East. Indirect talks between the U.S. and Iran took place in Geneva on Thursday. Analysts noted that oil prices already reflect a geopolitical risk premium due to fears that conflict could disrupt oil supplies from the Middle East via the Strait of Hormuz. Oil prices remained above $72 per barrel on Friday, close to the highest point since last July. Sources mentioned that state-owned ADNOC has offered additional crude volumes to partners holding concessions in its onshore oil fields. It is not yet clear how much Murban crude supply will be increased. Another source familiar with the matter said two onshore fields will be shut for maintenance in May, which will affect export volumes at that time. Partners in ADNOC Onshore, the producer of Murban crude, include BP, TotalEnergies, China National Petroleum Corporation, INPEX, Zhenhua Oil, and GS Energy. These partners are entitled to about 40% of the grade’s total production of roughly 2 million barrels per day. ADNOC, CNPC, INPEX, Zhenhua Oil, and GS Energy did not immediately respond to Reuters’ requests for comment. BP and TotalEnergies declined to comment. Reports emerged earlier on Friday about the increase in Murban crude supply, citing unnamed sources. The UAE's move comes as Saudi Arabia is also raising its oil output and exports, as part of contingency plans by the largest OPEC producer to prepare for potential supply disruptions if the U.S. takes military action against Iran. Last year, when the U.S. struck Iranian nuclear facilities, Saudi Arabia increased oil exports by about 500,000 barrels per day in June, sending more crude to overseas storage sites. Two sources who spoke with Reuters this week indicated this year’s plan is similar to the 2025 approach. Market data show that the increased Murban supply has already put pressure on spot crude premiums, with cargoes for April loading falling to less than $2 per barrel above the Dubai benchmark over the past week. Key members of the OPEC+ alliance, including Saudi Arabia and the UAE, are scheduled to meet on Sunday. OPEC+ sources suggested this week that after pausing output increases in the first quarter, the group may consider a modest production hike of 137,000 barrels per day starting in April.