Middle East Crude-Benchmarks jump as Iran conflict disrupts supply

Reuters03-02 18:38

SINGAPORE, March 2 (Reuters) - Middle East crude benchmarks surged on Monday to their highest in more than 3 years as the U.S.-Iran conflict disrupted oil shipping from the world's largest exporting region.

U.S.-Israel strikes killed Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday and spurred retaliatory attacks from Iran that have sharply increased risks to commercial shipping in the past 24 hours.

S&P Global Platts suspended on Monday bids and offers for some price assessments of Middle East crude, refined products and liquefied natural gas $(LNG)$ that ship through the Strait of Hormuz, citing shipping disruptions from the U.S.–Iran conflict.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose $4.76 to $5.91 a barrel.

SELLER-BUYER	PRICE ($/BBL)
UNIPEC-TOTAL	80.35
PETROCHINA-TOTAL	80.35
UNIPEC-TOTAL	80.40
SHELL-TOTAL	80.40
TRAFIGURA-TOTAL	80.40
UNIPEC-TOTAL	80.40
UNIPEC-TOTAL	80.45
TRAFIGURA-TOTAL	80.45
SHENGHONG-EQUINOR	80.40
UNIPEC-TOTAL	80.80
UNIPEC-TOTAL	80.80
PETROCHINA-TOTAL	80.70
SHELL-TOTAL	80.80
UNIPEC-TOTAL	80.80
SHELL-TOTAL	80.80
UNIPEC-TOTAL	80.80
SHELL-MERCURIA	80.80
SHELL-TOTAL	80.75
PETROCHINA-TOTAL	80.80
UNIPEC-TOTAL	80.80
BP-TOTAL	80.75
UNIPEC-TOTAL	80.80
SHELL-TOTAL	80.75
SHELL-TOTAL	80.80
PETROCHINA-TOTAL	80.80
UNIPEC-MERCURIA	80.80
TRAFIGURA-TOTAL	80.90
UNIPEC-TOTAL	80.80
BP-TOTAL	80.80

PRICES ($/BBL)

	CURRENT	PREV SESSION
GME OMAN	80.40	70.36
GME OMAN DIFF TO DUBAI	5.51	0.29
CASH DUBAI	80.80	71.22

NEWS

Oil refiners in China will likely have no trouble weathering near-term disruption from the Iran conflict thanks to recent record shipments of Iranian and Russian crude and aggressive government stockpiling, traders said.

Saudi Arabia's state oil giant Aramco 2222.SE shut its Ras Tanura refinery after it was hit by a drone, an industry source said on Monday, an apparent escalation on the third day of strikes across the region launched by Tehran in response to the U.S.-Israeli attack on Iran.

Several marine insurers said they are cancelling war risk cover for ships due to the conflict in Iran and the Gulf.

The widening Iranian conflict is disrupting oil flows to several Asian countries as vessels are bottled up within the Middle East Gulf and crude and transport costs are rising, industry sources and analysts said on Monday.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent	BRENTSGMc1
Dubai	DUBSGSWMc2
GME Oman	OQc1
Brent/Dubai EFS	DUB-EFS-1M

PRODUCT CRACKS
Fuel oil crack	FO180SGCKMc1
Gasoil crack	GO10SGCKMc1
Naphtha crack	NAF-SIN-CRK
Gasoline crack	GL92-SIN-CRK
Complex refining margins	REF/MARGIN1

(Reporting by Siyi Liu in Singapore; Editing by Devika Syamnath)

((siyi.liu@thomsonreuters.com;))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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Middle East Crude-Benchmarks jump as Iran conflict disrupts supply

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