Commodities
Asian Demand Sends Middle East Crude Prices Soaring to Near $100 Barrel
Oil prices have surged due to increased demand from Asia's largest oil importers, India and China. Refiners in both countries are bidding aggressively for Middle Eastern crude, pushing benchmark Dubai futures to nearly $100 a barrel, the highest since May.
The physical premiums for Oman and Murban crude have also surged on concerns over disruptions from Iran and its proxies, such as Yemen's Houthis.
The flare-up in US-Iran hostilities has added to the uncertainty, with buyers in South Korea and Japan competing for supplies alongside those in India and China.