Despite Iran's continued attacks on shipping vessels, a core crude oil spot benchmark in the Middle East fell to a low level of nearly three months, reflecting the resilience of crude oil exports in the region. According to General Index data, the difference between Oman crude oil and Dubai crude oil fell back to around 4 US dollars per barrel, the lowest since late July. This spread is an indicator of the strength and weakness of the Gulf's spot crude oil market; at the beginning of the conflict, the spread soared above $60. At the time, the Strait of Hormuz was almost closed, and shipping was seriously blocked. Major crude oil exporters in the Middle East either risked being attacked to allow tankers to pass through the strait, or used pipelines to bypass the Strait of Hormuz. Crude oil exports are getting smoother, weakening Iran's strategy of trying to seize bargaining chips by blocking global energy channels. The war between Iran, America, and Israel has been going on for seven months.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.