Middle East Tensions Send Dubai Crude Prices Soaring

Benchmark Dubai crude prices reached new five-month highs on Tuesday as supply concerns dominated market sentiment.

The price surge was driven by ongoing supply disruptions in the Middle East, with Saudi Aramco informing European term lifters of force majeure notifications following last Friday's attack on the East/West pipeline.

Singapore gasoil cracks also saw a significant increase, punching to new highs as traders continued to weigh up the impact of potential supply shortages.