UAE Oil Rises Above $120
UAE crude has crossed the $120 per barrel mark as renewed concerns over Middle East oil supplies push regional crude … Read More The post UAE Oil Rises Above $120 appeared first on ProPakistani .
UAE crude oil prices have soared above $120 per barrel, driven by renewed worries about Middle Eastern oil supplies. The Abu Dhabi National Oil Company's Murban benchmark grade is now trading at approximately $121.43 per barrel, marking a 7.35 percent increase. The surge in prices is attributed to ongoing uncertainty surrounding the Strait of Hormuz and broader Middle East supply disruptions.
At one point, UAE oil prices reached as high as $128.64. International benchmarks have also risen, with Reuters reporting Brent crude futures at $105.47 per barrel and West Texas Intermediate at $92.82. Despite some recovery in Gulf oil flows, Saudi Arabia has resumed crude shipments at the Red Sea port of Yanbu following the restart of the East West Pipeline.
Additionally, Middle East crude exports are nearing 80 percent of pre-war levels, according to Reuters data.
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