Middle East Crude Grades Fuel Record Price Surge

Oil prices are surging due to strong demand for Middle Eastern crude grades from major buyers such as Chinese and Indian refiners, including Indian Oil Corp. and PetroChina. This increased appetite has pushed Dubai futures close to $100 per barrel, with Murban futures trading at $106.10 and DME Oman at $99.18.

The demand for Middle Eastern oil is particularly strong despite the recent escalation between the US and Iran, which led to a decline in Saudi Arabia's oil exports to its lowest level since 2017, according to data from ship-trackers Kpler and Vortexa.

In addition to Middle Eastern oil, Asian buyers are also increasing their purchases from other regions, including Brazil, Canada, and Argentina. This is evident in the rising imports of Russian crude by China and India.