02 Nov, 23

Traders Buy Middle East Crude At Premiums Amid Rising Geopolitical Risk

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Crude traders have been paying premiums for oil cargoes from the Middle East loading next year as geopolitical risks spiked in the past month, Reuters reported on Thursday, citing trading sources. The Hamas-Israel war has increased not only the volatility in crude oil prices but also the risk of a wider conflict, leading to traders willing to pay up for crude supply from Oman and Abu Dhabi in their annual deals that were mostly concluded by late October, according to Reuters’ sources. Some of the Oman cargoes and Abu Dhabi’s Murban…

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