Yuan-Denominated Oil Futures Hit Record High Amid Global Supply Concerns

China's yuan-denominated oil futures hit their highest level since the contract was launched in March 2018. The INE crude oil (SC) contract price on the Shanghai International Energy Exchange rose to 929.4 yuan, or $138.50 per barrel.

The surge is linked to growing threats to oil supplies from the Middle East and increased purchases by Chinese refiners. A recent drone attack on the East-West oil pipeline in Saudi Arabia caused a temporary halt in its operation.

International oil benchmarks also rose this week, with Brent reaching $108 per barrel and U.S. WTI exceeding $103 per barrel.