UAE crude prices have climbed above $120 per barrel as renewed concerns over oil supplies from the Middle East continue to put pressure on regional energy markets.
Murban crude, the benchmark grade produced by Abu Dhabi National Oil Company (ADNOC), was trading at around $121.43 per barrel, up 7.35%. The grade also reached as high as $128.64 during trading.
The increase comes amid continued uncertainty surrounding the Strait of Hormuz and potential disruptions to oil supplies across the region. International benchmarks also moved higher, with Brent crude at $105.47 per barrel and West Texas Intermediate (WTI) at $92.82, according to Reuters.
The price surge comes despite signs of improving oil flows from some Gulf producers. Saudi Arabia has resumed crude loadings at the Red Sea port of Yanbu after restarting its East West Pipeline, while Middle Eastern crude exports have recovered to nearly 80% of pre-war levels, Reuters reported.
Markets continue to closely monitor developments in the region as concerns over supply disruptions remain a key factor influencing global oil prices.
