The premium for Dubai crude returned to pre-war levels, reaching $2.06 per barrel.
Spot premiums for crude oil and some refined products in Asia fell back to pre-war levels following the US-Iran agreement to end the Middle East conflict. However, uncertainty over the timing of the full reopening of the Strait of Hormuz continues to provide support to oil markets. 
The premium for Dubai crude, the key benchmark for Middle Eastern oil, returned to pre-war levels, reaching $2.06 per barrel on Monday, down from more than $60 per barrel in March when the conflict caused severe supply disruptions, according to Reuters.
Higher availability of spot cargoes from Middle Eastern producers has also weighed on crude and naphtha markets. As a result, the Asian naphtha market has shifted into contango, where spot prices trade below forward prices, signaling ample near-term supply.
Naphtha refining margins have declined by around 90% to approximately $45 per ton above Brent crude, the lowest level since November 2023, compared with a record high of $248 per ton at the end of March.
In refined products markets, spot premiums for diesel and jet fuel fell to pre-war levels late last week amid expectations of abundant regional supplies during July and August.
The premium for Dubai crude returned to pre-war levels, reaching $2.06 per barrel.
Spot premiums for crude oil and some refined products in Asia fell back to pre-war levels following the US-Iran agreement to end the Middle East conflict. However, uncertainty over the timing of the full reopening of the Strait of Hormuz continues to provide support to oil markets.
The premium for Dubai crude, the key benchmark for Middle Eastern oil, returned to pre-war levels, reaching $2.06 per barrel on Monday, down from more than $60 per barrel in March when the conflict caused severe supply disruptions, according to Reuters.
Higher availability of spot cargoes from Middle Eastern producers has also weighed on crude and naphtha markets. As a result, the Asian naphtha market has shifted into contango, where spot prices trade below forward prices, signaling ample near-term supply.
Naphtha refining margins have declined by around 90% to approximately $45 per ton above Brent crude, the lowest level since November 2023, compared with a record high of $248 per ton at the end of March.
In refined products markets, spot premiums for diesel and jet fuel fell to pre-war levels late last week amid expectations of abundant regional supplies during July and August.
