Gulf oil prices jump to $100 as Asian refineries increase demand
Gulf oil prices rose as Asian refineries, particularly in India and China, increased spot purchases of Middle Eastern crude amid competition for cargoes and supply disruption fears. Dubai crude futures approached $100 per barrel, and the UAE's Murban crude traded at a premium of over $30 per barrel above Dubai. Saudi exports fell to their lowest levels since early 2017, adding to supply pressures.
Why it matters: This illustrates the theme of energy markets and geopolitical risk, as supply disruptions and Asian demand drive oil price volatility.