Middle East Crude-Benchmarks record biggest monthly gain in years on supply disruption

ReutersMar 31, 2026 10:54 AM

SINGAPORE, March 31 (Reuters) - Middle East crude benchmark premiums Oman, Dubai and Murban posted strong monthly gains in March as the U.S.-Israeli war against Iran disrupted supplies from the vital oil-exporting region.

Dubai and Oman premiums hit more than $60 per barrel mid-March, an all-time high. On average, they have increased by more than $30 per barrel from their levels in February.

Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, as investors weighed the likelihood of U.S. President Donald Trump ending the Iran war against supply shocks from a prolonged closure of the Strait of Hormuz. O/R

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $1.35 to $21.03 a barrel.

Unipec will deliver six May-loading Oman crude cargoes following the deals, three to Mercuria and three to TotalEnergies.

Vitol will deliver two May-loading Oman curde cargoes following the deals to TotalEnergies and Mercuria.

Shell will deliver a May-loading Oman crude cargo to Equinor following the deals.

For this month, TotalEnergies have purchased 77 cargoes or 38.4 million barrels.

SELLER-BUYER	PRICE ($/BBL)
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	123.90
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	123.80
UNIPEC-MERCURIA	123.80
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.80
UNIPEC-TOTAL	124.80
UNIPEC-TOTAL	124.05
UNIPEC-TOTAL	124.05
UNIPEC-TOTAL	124.05
UNIPEC-TOTAL	124.05
UNIPEC-TOTAL	124.15
UNIPEC-TOTAL	124.15
UNIPEC-TOTAL	124.10
UNIPEC-TOTAL	124.15
UNIPEC-TOTAL	124.15
UNIPEC-TOTAL	124.15
UNIPEC-TOTAL	124.15
UNIPEC-MITSUI	124.15
UNIPEC-TOTAL	124.15
UNIPEC-MITSUI	124.10
UNIPEC-TOTAL	124.00
VITOL-HENGLI	124.95
UNIPEC-TOTAL	124.00
UNIPEC-MERCURIA	123.80
UNIPEC-TOTAL	123.80
VITOL-HENGLI	124.80
UNIPEC-MERCURIA	123.80
VITOL-HENGLI	124.80
VITOL-HENGLI	124.80
UNIPEC-MERCURIA	123.80
UNIPEC-MERCURIA	123.75
UNIPEC-MERCURIA	123.80
UNIPEC-MERCURIA	123.75
UNIPEC-MERCURIA	123.75
UNIPEC-MERCURIA	123.75
VITOL-HENGLI	124.80
UNIPEC-MERCURIA	123.75
UNIPEC-TOTAL	123.50
UNIPEC-MERCURIA	123.50
UNIPEC-MERCURIA	123.70
UNIPEC-MERCURIA	123.60
UNIPEC-MERCURIA	123.50
UNIPEC-MERCURIA	123.50
UNIPEC-MERCURIA	123.50
UNIPEC-MERCURIA	123.50
UNIPEC-MERCURIA	123.50
UNIPEC-TOTAL	123.30
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.00
UNIPEC-TOTAL	124.05
UNIPEC-TOTAL	124.10
UNIPEC-TOTAL	124.15
SHELL-EQUINOR	124.15
SHELL-EQUINOR	124.15
UNIPEC-TOTAL	124.20
SHELL-EQUINOR	124.15
SHELL-EQUINOR	124.15
VITOL-EQUINOR	124.15
VITOL-EQUINOR	124.15
SHELL-TOTAL	124.20
VITOL-TOTAL	124.20
VITOL-EQUINOR	124.15
VITOL-EQUINOR	124.15
VITOL-EQUINOR	124.15
SHELL-EQUINOR	124.15
VITOL-EQUINOR	124.00
VITOL-EQUINOR	124.00
UNIPEC-MITSUI	123.75
VITOL-HENGLI	123.80
UNIPEC-MITSUI	123.70
VITOL-HENGLI	123.80
UNIPEC-EXXONMOBIL	123.50
VITOL-HENGLI	123.70
UNIPEC-MERCURIA	123.50
VITOL-HENGLI	123.80
UNIPEC-MERCURIA	123.50
UNIPEC-MERCURIA	123.50
UNIPEC-TOTAL	123.75
UNIPEC-TOTAL	123.75
UNIPEC-TOTAL	123.75
UNIPEC-TOTAL	123.75
UNIPEC-MERCURIA	123.75
UNIPEC-TOTAL	123.75
UNIPEC-TOTAL	123.75
UNIPEC-TOTAL	123.75
VITOL-TOTAL	123.80
SHELL-MERCURIA	123.75
UNIPEC-TOTAL	123.75
BP-MERCURIA	123.80
SHELL-EQUINOR	123.75
UNIPEC-TOTAL	123.75
SHELL-EQUINOR	123.75
SHELL-HENGLI	123.75
UNIPEC-TOTAL	123.75
GUNVOR-TOTAL	123.70
VITOL-MERCURIA	123.60
VITOL-TOTAL	123.60
VITOL-TOTAL	123.35
UNIPEC-TOTAL	123.30
VITOL-TOTAL	123.35
UNIPEC-TOTAL	123.30
SHELL-HENGLI	123.30
VITOL-TOTAL	123.25
UNIPEC-TOTAL	123.20
BP-TOTAL	123.20
GUNVOR-TOTAL	123.15
VITOL-MERCURIA	123.05
GUNVOR-TOTAL	123.05
BP-MERCURIA	123.05
VITOL-MERCURIA	123.05
GUNVOR-MERCURIA	123.05
SHELL-TOTAL	123.05
BP-MERCURIA	123.05
VITOL-TOTAL	123.00
UNIPEC-TOTAL	123.05
VITOL-TOTAL	123.00
VITOL-TOTAL	123.00
SHELL-TOTAL	123.00
GUNVOR-TOTAL	123.00
VITOL-EQUINOR	123.00
UNIPEC-EXXONMOBIL	122.95
GUNVOR-TOTAL	122.95
VITOL-EQUINOR	122.90
SHELL-MERCURIA	122.80
VITOL-EQUINOR	122.80
SHELL-TOTAL	122.80
VITOL-EQUINOR	122.80
UNIPEC-TOTAL	122.80
SHELL-MERCURIA	122.80
GUNVOR-TOTAL	122.75
UNIPEC-MERCURIA	122.75
VITOL-TOTAL	122.70
SHELL-TOTAL	122.60
SHELL-TOTAL	122.60
GUNVOR-TOTAL	122.60
SHELL-TOTAL	122.60
SHELL-MERCURIA	122.50
SHELL-EQUINOR	122.45
VITOL-MERCURIA	122.45
GUNVOR-EQUINOR	122.45
UNIPEC-MERCURIA	122.40
SHELL-EQUINOR	122.40
VITOL-MERCURIA	122.25
GUNVOR-EQUINOR	122.20
UNIPEC-MERCURIA	122.10
GUNVOR-EQUINOR	122.15
SHELL-EQUINOR	122.05
UNIPEC-MERCURIA	122.00
UNIPEC-MERCURIA	121.75
VITOL-MERCURIA	121.75
UNIPEC-TOTAL	121.70
BP-TOTAL	121.65
VITOL-TOTAL	121.65
SHELL-TOTAL	121.65
BP-TOTAL	121.65
UNIPEC-TOTAL	121.65
VITOL-TOTAL	121.65
SHELL-MERCURIA	121.65
BP-MERCURIA	121.65
UNIPEC-MERCURIA	121.60
UNIPEC-MERCURIA	121.60
VITOL-MERCURIA	121.60
GUNVOR-TOTAL	121.60
SHELL-MERCURIA	121.60
UNIPEC-MERCURIA	121.60
VITOL-MERCURIA	121.55
GUNVOR-MERCURIA	121.60
VITOL-MERCURIA	121.55
SHELL-EQUINOR	121.55
UNIPEC-MERCURIA	121.55
VITOL-TOTAL	121.55
SHELL-TOTAL	121.55
BP-MERCURIA	121.55
UNIPEC-MERCURIA	121.55
GUNVOR-TOTAL	121.55
BP-MERCURIA	121.55
VITOL-MERCURIA	121.55
SHELL-EQUINOR	121.50
BP-MERCURIA	121.55
SHELL-MERCURIA	121.50
SHELL-MERCURIA	121.50
UNIPEC-MERCURIA	121.50
UNIPEC-MERCURIA	121.50
SHELL-MERCURIA	121.50
VITOL-MERCURIA	121.50
UNIPEC-MERCURIA	121.50
UNIPEC-MERCURIA	121.50
BP-MERCURIA	121.45
VITOL-MERCURIA	121.45
BP-MERCURIA	121.45
BP-TOTAL	121.45
SHELL-EQUINOR	121.45
UNIPEC-MERCURIA	121.45
VITOL-MERCURIA	121.45
GUNVOR-MERCURIA	121.45
BP-MERCURIA	121.45
BP-MERCURIA	121.45
UNIPEC-MERCURIA	121.40
SHELL-EQUINOR	121.40
UNIPEC-MERCURIA	121.45
SHELL-EQUINOR	121.40
VITOL-MERCURIA	121.40
GUNVOR-MERCURIA	121.40
UNIPEC-MERCURIA	121.35
UNIPEC-MERCURIA	121.35
BP-MERCURIA	121.35
SHELL-EQUINOR	121.35
VITOL-MERCURIA	121.35
SHELL-EQUINOR	121.35
UNIPEC-MERCURIA	121.30
VITOL-MERCURIA	121.25
GUNVOR-MERCURIA	121.25
BP-MERCURIA	121.25
UNIPEC-MERCURIA	121.25
GUNVOR-EQUINOR	121.25
UNIPEC-TOTAL	121.25
BP-TOTAL	121.25
UNIPEC-TOTAL	121.25
SHELL-MERCURIA	121.25
UNIPEC-MERCURIA	121.20
BP-MERCURIA	121.20
UNIPEC-MERCURIA	121.20
UNIPEC-MERCURIA	121.20
BP-TOTAL	121.20
SHELL-EQUINOR	121.20
BP-TOTAL	121.20
SHELL-EQUINOR	121.20
UNIPEC-MERCURIA	121.15
BP-TOTAL	121.20
UNIPEC-TOTAL	121.15
SHELL-HENGLI	121.20
UNIPEC-MERCURIA	121.15
UNIPEC-MERCURIA	121.15
SHELL-EQUINOR	121.20
UNIPEC-TOTAL	121.15
UNIPEC-MERCURIA	121.15
BP-MERCURIA	121.10
UNIPEC-MERCURIA	121.15
BP-MERCURIA	121.10
UNIPEC-MERCURIA	121.10
BP-MERCURIA	121.10
UNIPEC-EXXONMOBIL	121.10
BP-TOTAL	121.10
BP-TOTAL	121.10
UNIPEC-EXXONMOBIL	121.10
UNIPEC-MITSUI	121.15

PRICES ($/BBL)

	CURRENT	PREV SESSION
GME OMAN	123.93	104.84
GME OMAN DIFF TO DUBAI	23.86	1.93
CASH DUBAI	121.10	125.29

NEWS

Three Chinese ships recently sailed through the Strait of Hormuz after coordination with relevant parties, a foreign ministry spokesperson told a regular daily press briefing on Tuesday, while calling for peace and stability in the Gulf Region.

Cut off from Middle East naphtha due to the Iran war, Asian producers of plastics and packaging face surging premiums that are already hitting output at petrochemical plants.

A Russian-flagged oil tanker ship was closing in on the Cuban port of Matanzas on Monday, according to ship tracking data, promising a lifeline for the island whose economy has ground to a halt under a de facto oil blockade imposed by Washington.

South Africa's Finance Minister Enoch Godongwana is considering lowering the fuel levy to cushion the impact of the Iran war on domestic fuel prices, a senior government official told Reuters.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent	BRENTSGMc1
Dubai	DUBSGSWMc2
GME Oman	OQc1
Brent/Dubai EFS	DUB-EFS-1M

PRODUCT CRACKS
Fuel oil crack	FO180SGCKMc1
Gasoil crack	GO10SGCKMc1
Naphtha crack	NAF-SIN-CRK
Gasoline crack	GL92-SIN-CRK
Complex refining margins	REF/MARGIN1

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