Asian demand lifts Middle East oil

The oil markets experienced a sharp rise due to an Asian purchasing wave by the world's largest oil importers, India and China, leading to Dubai crude and other benchmark prices surpassing record levels. Major procurement agencies from refineries in India and China, such as Indian Oil and PetroChina, pushed Murban and Oman crude prices to high levels, with a difference of more than $30 per barrel compared to Dubai crude, amid intense competition to secure supplies from Saudi Arabia, Iraq, and the UAE. Geopolitical tensions and attacks on oil tankers have reduced flows through the Strait of Hormuz, and Saudi Arabia's exports have declined since 2017, resulting in a shortage of supply and increasing the likelihood of higher prices in the future.

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