U.S. sanctions on Russian oil have let top Middle Eastern producers raise prices sharply.Iraq hiked its Asia crude price to a two-year high, following Saudi Arabia and the UAE’s recent increases.
Russia’s tanker shortage and potential Iran sanctions drive demand for Middle Eastern crude, pushing prices higher.Dubai swaps surge, with the Brent discount at its smallest since June, per PVM Oil data.Higher oil prices offer some relief to Gulf nations, easing Saudi budget pressures and boosting Iraq’s revenue.
Improved Asian refining margins and supply cuts also drive price hikes, with Saudi Arabia leading regional pricing trends.Iraq has raised its Basrah Medium crude price by $2.60 per barrel, setting it at a $2.65 premium over the regional benchmark for March Asian buyers, per SOMO’s price list.
Basrah Heavy saw a similar increase, both reaching their highest levels since September 2022.Crude prices from Abu Dhabi and Oman also surged for March, as set by exchange trading. Abu Dhabi’s Murban crude will sell at $80.22 per barrel, up from $73.28 in February, while Omani crude rose by over $7 per barrel month-over-month.
