Middle East crude benchmarks up 1.5% on week as prices hit new 2-yr highs

London (Quantum Commodity Intelligence) – Middle East crude oil benchmarks Dubai and Oman, both medium sour crudes, strengthened by around 1.5% in the week ending June 11 as prices surged to fresh two-year highs.

Dubai cash for August delivery was assessed Friday at $71.16/b (1630 Singapore time), up from $70.09/b on last Friday's August close, or a 1.53% gain.

DME Oman futures for August settled $71.37/b at the Asia close, compared to August futures on June 4 at $70.38/b, a gain of 1.41%.

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

Prices over the week were again underpinned by demand growth optimism, positive reports from OPEC and the IEA, plus the diminishing prospect of a quick return of Iranian barrels.

Meanwhile, light sweet Murban for August was trading on Abu Dhabi's IFAD exchange at $71.95/b, up 1.6% on the week.