Middle Eastern crude prices have reached their highest level since March, driven by mounting fears that supply disruptions are far from over. Dubai crude spot premiums nearly doubled to $12.74 per barrel, while Oman crude premiums climbed to $12.62 per barrel, their highest since late May. Dated Brent crossed the $100-per-barrel threshold in early September for the first time since May. Oil flows through the Strait of Hormuz have dropped by more than 40%, falling from roughly 20 million barrels per day to around 11.7 million barrels per day. Asian refiners are now paying premiums of approximately $24 per barrel for US and West African crudes.
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