Middle East Crude Oil Prices Hit Historic Highs Amid Supply Disruptions

Singapore. The price of crude oil in the Middle East has reached a historic high. At this time, oil from this region has become the most expensive in the world.

 It is reported that the price surge has increased costs for Asian refineries due to the halt in oil supply from the region caused by the war that began after the attacks by the United States and Israel on Iran, mentioned in the news regarding the war. Some refineries have been forced to seek alternative supplies, while others have had to decide to reduce production.

On Monday, the price of Dubai cash for cargoes loading in May reached $153.25 per barrel. This is significantly higher than the historic level set by the price of Brent futures in 2008. During the global economic crisis in 2008, the price of Brent crude reached up to $147.50 per barrel.

On Monday, Dubai premium was swapping at $56.01 per barrel. Meanwhile, Omani crude oil futures reached $147.70 per barrel. However, some traders stated that the Dubai price does not represent the actual supply. On Monday, Murban futures closed at $111.76 per barrel. This shows a large gap between the prices of Dubai and Murban crude. This disparity in prices is further adding uncertainty to trade.

In March, 11.665 million barrels of oil per day arrived in Asia from the Middle East. In February, this figure was 19 million barrels per day. This is 32 percent less compared to March 2025.

Oil supply has been affected due to the stoppage of ship traffic caused by attacks in the Strait of Hormuz. As a result, some Asian refineries have reduced their operating rates and have been forced to make changes to their production plans.