UAE Crude Oil Price Crosses $120 Amid Middle East Supply Concerns
The price of UAE crude oil has moved above $120 per barrel as concerns over crude supplies from the Middle East continue to influence international energy markets.
Murban crude, the benchmark oil grade produced by Abu Dhabi National Oil Company, was trading at around $121.43 per barrel, recording an increase of 7.35 percent.
Reports indicate that UAE crude had reached as high as $128.64 per barrel during recent trading.
Strait of Hormuz Concerns Push Prices Higher
The latest increase has been linked to continued uncertainty surrounding the Strait of Hormuz and the possibility of disruptions to oil supplies from the region.
International oil benchmarks have also recorded gains. Brent crude futures were reported at around $105.47 per barrel, while West Texas Intermediate (WTI) stood near $92.82 per barrel.
Market participants continue to monitor developments in the Middle East because any disruption to major shipping routes could affect global crude supplies and prices.
Some Gulf Oil Flows Recover
Despite the rise in prices, there are signs that some regional oil shipments are gradually recovering.
Saudi Arabia has resumed crude oil loadings at the Red Sea port of Yanbu after restarting operations through its East-West Pipeline.
According to Reuters, crude exports from the Middle East have also moved closer to around 80 percent of their levels before the recent conflict.
Oil markets are expected to remain sensitive to developments in the region, particularly changes in crude production, exports and shipping through key routes.
