Gotrade News - Middle Eastern crude oil prices have surged to record highs amid new tensions involving the US and Israel against Iran. This uncertainty is driving global price hikes, disrupting trade activities, and further distorting market conditions.
- Middle Eastern crude oil prices hit record peaks.
- Asian refineries begin seeking alternative energy supplies.
- 85 countries experience fuel price hikes since the Iran conflict erupted.
Production costs for refineries in Asia have ballooned as the Dubai cash price reaches USD 153.25 per barrel. This surpasses the previous Brent high in 2008 of USD 147.50 per barrel, increasing costs for refineries forced to seek alternative energy supplies or cut production. Some market participants argue these prices are losing relevance due to supply imbalances in the global market.
Meanwhile, 85 countries report fuel price increases stemming from the instability centered in the Middle East. Data from GlobalPetrolPrices shows the average global gasoline price has risen from USD 1.30 to USD 1.35 per liter in recent weeks. These prices reflect market reactions to the critical supply chain risks.
Supply disruptions in the Strait of Hormuz are hampering oil exports to Asia, prompting refineries in the region to scale back operations. The market is noting price discrepancies in Middle Eastern crude oil trades, especially between Dubai and Oman oil, exacerbating market instability. S&P Global maintains that Dubai prices still reflect market spot values despite trade distortions.
Similarly, retail fuel prices in various countries like Vietnam, Laos, and the United States have soared. This adds pressure for consumers amid rising geopolitical tensions, influencing economic and investment decisions worldwide.
Demand is rising from energy companies like TotalEnergies, which purchased 12 million barrels of Oman and Murban oil, indicating a shift in supply sources toward more stable options. Asian refineries must swiftly adapt to these market dynamics to maintain operational stability and meet energy consumption needs.
Reference:
- Liputan6, Minyak Mentah Timur Tengah Jadi Termahal di Dunia, Pecah Rekor Dampak Perang Iran. Accessed on March 18, 2026
- Kompas, 85 Negara Alami Kenaikan Harga BBM sejak Perang Iran Pecah. Accessed on March 18, 2026
Featured Image: GPT Image 1.5
