Middle East Crude-Benchmarks rise after Brent, WTI jump on US-Iran tensions

Reuters
2025/06/12
Middle East Crude-Benchmarks rise after Brent, WTI jump on US-Iran tensions

SINGAPORE, June 12 (Reuters) - Middle East crude benchmarks Oman and Dubai rose on Thursday following a jump in global crude futures on worries of escalating U.S.-Iran tensions.

Brent and U.S. West Texas Intermediate crude futures surged more than 4% on Wednesday's close to hit their highest levels in two months after sources said the U.S. was preparing to evacuate its Iraqi embassy due to heightened security concerns in the Middle East. O/R

Some of the price gains were reversed on Thursday as market participants assessed the U.S. decision.

Increased tension with Iran has raised the prospect of disruption to oil supplies. The sides are set to meet on Sunday.

In Asia, QatarEnergy offered five al-Shaheen crude cargoes for loading on Aug. 1-2, 2-3, 16-17, 24-25 and 26-27 via a tender to close on Monday, a trader said. It has also offered Qatar Marine and Qatar Land crude in separate tenders which will also be awarded early next week.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 9 cents to $1.32 a barrel.

SELLER-BUYER

PRICE ($/BBL)

VITOL-TRAFIGURA

68.65

VITOL-TRAFIGURA

68.65

RELIANCE-TOTAL

68.65

VITOL-TRAFIGURA

68.65

VITOL-TOTAL

68.65

VITOL-TOTAL

68.65

VITOL-TRAFIGURA

68.64

MITSUI-TRAFIGURA

68.63

VITOL-TOTAL

68.63

PHILLIPS 66-PETROCHINA

68.60

EXXONMOBIL-TRAFIGURA

68.63

RELIANCE-TOTAL

68.63

RELIANCE-TOTAL

68.63

VITOL-TRAFIGURA

68.62

MITSUI-TRAFIGURA

68.62

PHILLIPS 66-PETROCHINA

68.60

UNIPEC-TOTAL

68.60

RELIANCE-PETROCHINA

68.58

VITOL-TRAFIGURA

68.60

UNIPEC-TOTAL

68.60

PHILLIPS 66-PETROCHINA

68.57

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

68.73

66.61

GME OMAN DIFF TO DUBAI

1.45

1.22

CASH DUBAI

68.60

66.62

NEWS

U.S. crude stocks fell last week as refining activity picked up, driving gasoline and distillate inventories higher, the Energy Information Administration $(EIA)$ said on Wednesday.

Canada should not rush to sell the newly expanded Trans Mountain oil pipeline, its CEO, Mark Maki, said on Wednesday at a conference in Canada.

Mexico's Hokchi Energy, frustrated by months of delayed payments for its oil and gas from state company Pemex, has sought to change its contract so it can do business directly with the company's commercial arm, PMI Comercio Internacional, three sources familiar with the matter said.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

GME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GO10SGCKMc1

Naphtha crack

NAF-SIN-CRK

Gasoline crack

GL92-SIN-CRK

Complex refining margins

REF/MARGIN1

(Reporting by Florence Tan; Editing by Shailesh Kuber)

((Florence.Tan@thomsonreuters.com; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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