Chinese Crude Futures Hit Record High Amid Global Supply Disruptions

China's benchmark crude oil futures have reached an all-time high due to global supply chain disruptions. The Shanghai International Energy Exchange saw prices surge to as much as $138.50 per barrel, the highest level since 2018 when the contract was first listed.

The price hike is attributed to a shutdown of an oil pipeline in Saudi Arabia, which has limited global supplies and led refiners in China to purchase more cargoes. This move tends to track trends seen in similar-quality crude benchmarks, with both Oman and Murban futures last trading above $126 per barrel on the Bloomberg Terminal.

The yuan-priced crude futures in China are closely watched by market analysts as they often reflect global oil price trends. The current supply chain disruptions have caused a ripple effect across the globe, leading to increased demand for Chinese refiners to purchase more oil.