Dubai Crude Prices Approach $100 Amid US-Iran Conflict

Dubai crude futures are approaching $100 per barrel, driven by strong demand from Asian refining majors including PetroChina and Indian Oil Corp. Refiners in China, India, Japan, and South Korea have increased their appetite for Middle Eastern crude grades, even as the United States and Iran engage in mutual military strikes.

Donald Trump stated that the U.S. is prepared to launch further attacks against Iran, describing a recent operation as a very heavy attack. While Murban futures reached $106.10 and DME Oman traded at $99.18, Brent and West Texas Intermediate prices have dipped recently, a trend analysts attribute to a pause in the military conflict.

Supply chains remain strained, with Saudi Arabian oil exports falling to their lowest levels since 2017. Oil flows through the Strait of Hormuz have averaged between 6 and 8 million barrels daily over the past week. To supplement these shortages, Asian buyers are increasing crude purchases from Russia, Brazil, Canada, and Argentina.