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Brent crude premium to Dubai benchmark hits highest level since Sept 2023
Aya Anwar Published in Amwal Al Ghad on 12 - 06 - 2025

Brent crude's premium to the Middle East's Dubai benchmark surged above $3 per barrel on Wednesday, reaching $3.33 for August—the highest since September 2023, according to LSEG data cited by Reuters.
The sharp increase follows a more than 4 per cent jump in Brent prices on Tuesday amid escalating Iran-Israel conflict, which has fuelled concerns over potential supply disruptions through the Strait of Hormuz, a key oil transit chokepoint.
Brent's prompt-month backwardation, indicating tighter supply, also hit a near two-year high this week, further supporting Exchange Futures for Swaps (EFS) levels.
Meanwhile, Dubai's cash premium climbed to a two-month peak, and tanker freight rates from the Middle East to Asia have also risen. LSEG analyst Emril Jamil said the EFS spread is being driven by geopolitical risks and expectations of increased OPEC exports, adding that the trend could continue if tensions escalate.
Attribution: Reuters
Subediting: M. S. Salama

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