Middle East crude benchmarks rally over 4% on week as Dubai tops $70/b

London (Quantum Commodity Intelligence) – Middle East crude oil benchmarks Dubai and Oman, both medium sour crudes, strengthened by more than 4% in the week ending June 4 as prices surged to two-year highs.

Dubai cash for August delivery was assessed Friday at $70.09/b (1630 Singapore time), up from $67.18/b on last Friday's August close, or a 4.33% gain.

DME Oman futures for August settled $70.14/b at the Asia close, compared to August futures on May 28 at $67.49/b, a gain of 4.28%.  

Both crude oil markers registered the highest levels since May 2019.

Prices over the week were underpinned by demand growth optimism, tight OPEC+ discipline following this week's meeting, and the diminishing prospect of a quick return of Iranian barrels.

"Oil prices are finding tailwind from the clear signs that demand is making a solid recovery. Besides OPEC+, the IEA has also expressed this view this week," said Commerzbank in a market note Friday.

Meanwhile, light sweet Murban for August was trading on Abu Dhabi's IFAD at $70.82/b, up 4.3% on the week.