Dubai Benchmark Pressured by Hormuz Disruptions [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
The Dubai crude benchmark --a vital marker for Middle Eastern oil flowing to Asia--used to price ~18 million barrels per day primarily based on crude oil grades from the United Arab Emirates (specifically Upper Zakum and Murban), Oman and Qatar. According to Reuters , three of the five crude grades that normally underpin the benchmark are now effectively sidelined because they rely on transit through the Strait of Hormuz. That has cut the pool of deliverable crude by roughly 40%, leaving the index far more exposed to sharp price swings. The Dubai benchmark, alongside Brent and West Texas Intermediate (WTI), is one of the top three primary crude oil benchmarks worldwide. It acts as the benchmark for Middle Eastern oil destined for Asia, serving as a key barometer for the relative value of sour crude oil. The closure of the Strait of Hormuz has triggered a wild rally in the price of Middle East crude to nearly $170 a barrel, surpassing Brent's all-time high of $147 record in 2008.
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