Middle East Crude-Dubai premium hits one-month low after Trump announces two-week ceasefire

SINGAPORE, April 8 (Reuters) - Middle East crude benchmark spot premiums of Dubai fell sharply on Wednesday to the lowest in a month, after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran.

Oman and Murban premiums also dropped to about half of their values in the previous session. Global oil benchmark Brent futures LCOc1 fell below $100 per barrel on Wednesday. O/R

The announcement by Trump late on Tuesday represented an abrupt turnaround from his extraordinary warning earlier, and came after mediation efforts by Pakistan's military chief, Field Marshal Asim Munir, and its Prime Minister Shehbaz Sharif.

Iran said it would halt its attacks if attacks against it stopped, and that safe transit through the Strait of Hormuz would be possible for two weeks in coordination with Iranian armed forces, according to a statement by Foreign Minister Abbas Araqchi.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $14.59 to $14.39 a barrel.

PRICES ($/BBL)

NEWS

Shell on Wednesday gave an early glance into the whiplash effect of the U.S.-Israeli war on Iran on oil majors' earnings, cutting its first-quarter gas production outlook while signalling a surge in oil trading profit and a dent to short-term liquidity.

U.S. and European energy stocks slid on Wednesday on Wednesday as oil prices tumbled after the ceasefire.

Some Chinese independent refiners, armed with fresh import quotas from Beijing, have begun seeking prompt cargoes of Iranian crude after oil prices slumped on Wednesday, three trade sources said.

India is set to receive its first oil from Iran in seven years after the U.S. temporarily removed sanctions on Iranian oil and refined products to ease supply shortages, ship tracking data from LSEG and Kpler showed on Wednesday.

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