Khaberni - Oil prices continued to rise with targeting energy facilities in the Gulf, ongoing navigation halts in the Strait of Hormuz, and the refusal of European countries to join the US in securing oil tankers in the strait.
Bloomberg agency described the conflict in the Gulf as turning into a war on oil prices, as Tehran seeks to limit the oil supply in global markets to raise its price, increasing the pressure on Trump to stop the war.
Brent oil price rose to more than 104 dollars per barrel on Tuesday, with the continued closure of the Strait of Hormuz, through which about 20% of global oil supplies pass.
Notably, the prices of Gulf oil crudes rose to record levels, including Oman and Kuwait oil, which indicates a high demand for them in global markets.
Reuters reported that Middle East oil prices surged to unprecedented levels and became the most expensive globally, while trading declines due to the US-Israeli war on Iran.
This report tracks the top 10 crude oils and the war's impact on them.
1-Brent Crude
Brent crude is the main benchmark for oil worldwide, originally named after the oil extracted from the North Sea in Norway and Britain, representing one of the most important oil production centers in Europe.
Brent crude is used to price more than 70% of the world's seaborne oil, with the price of a barrel rising to more than 104 dollars on Tuesday, slightly down from the 106 dollars it hit on Monday.
The price has seen a cumulative increase of 40% since the start of the US-Israeli war on Iran on February 28.
2-West Texas Intermediate
West Texas Intermediate is used as a benchmark to price oil in North America, named after the state of Texas, where the US oil industry is concentrated.
The price of West Texas Intermediate rose by more than 5% on Tuesday, reaching 98.32 dollars per barrel. It had risen to 99.68 dollars per barrel on Monday.
Overall, West Texas Intermediate has risen about 50% since the war began on Iran.
3-Oman Crude
Oman crude is in high demand in Asian markets, leading to its price rising to high levels after the war in Iran.
Oman crude is medium-density and contains a low sulfur content, making it easy to refine.
The price of Oman oil for May delivery exceeded the 152-dollar per barrel mark on Tuesday, rising by about 5 dollars in one day, marking a new record high.
The price of Oman oil on Tuesday reached 152.6 dollars per barrel, compared to 147.79 dollars per barrel in Monday's transactions.
4-Kuwait Crude
Kuwait crude ranges from medium to heavy oil and is one of the important benchmarks for oil in the Middle East.
The price of a barrel of Kuwaiti oil rose by 5.58 dollars to reach 148.62 dollars per barrel in Monday's transactions, compared to 143.04 dollars per barrel in Friday's transactions, according to the price announced by the Kuwait Petroleum Corporation.
5-Saudi Arabian Light Crude
Saudi Arabian Light crude is one of the main benchmarks for OPEC oil, as Saudi Arabia is the biggest oil-exporting country in the world.
The Saudi crude is medium-density and is one of the most traded oil crudes in global markets.
The price of Saudi crude jumped to more than 120 dollars per barrel after the war on Iran, and it is usually traded at a price that exceeds the price of Brent crude.
6-Abu Dhabi Murban Crude
Characterized as light oil with a low sulfur content, it is primarily exported through the Fujairah port to Asian markets, especially in China, Japan, and India.
Exporting Murban crude through Fujairah port doesn't require passage through the Strait of Hormuz, which gives it an advantage with the current strait closure.
The price of Murban crude rose to about 110 dollars per barrel after the outbreak of war in Iran, but its price remained close to Brent crude.
7-Russian Urals Crude
Urals crude is the main crude oil exported by Russia, one of the largest producers outside OPEC, with a production of about 9 million barrels in 2024, according to data from the International Energy Agency.
Urals crude is usually priced at a discount to Brent crude due to Western sanctions imposed on Russia since the outbreak of its war with Ukraine in 2022.
The price of Russian oil has recently risen after the US Treasury Department temporarily allowed its purchase to alleviate pressure on energy markets, and it was traded at around 50 to 60 dollars per barrel.
8-Venezuelan Merey Crude
Merey crude is the primary standard for oil exported by Venezuela, very heavy, and contains a high sulfur content, meaning it requires special refineries capable of refining it.
Refineries in the United States, China, and India are capable of dealing with Venezuelan Merey crude.
Merey crude is priced based on a discount to Brent crude, averaging around 6 dollars, meaning its price rose with the war in Iran to about 98 dollars per barrel.
9-Nigerian Bonny Light Crude
Nigerian Bonny Light crude is characterized as light oil that is easily refined, enjoying high demand in European and US markets.
Nigeria produces about 1.4 million barrels of oil per day, making it one of the biggest oil producers in Africa.
The price of oil from Bonny Light crude exceeded 100 dollars per barrel since the beginning of the war in Iran.
10-Brazilian Lula Crude
Lula crude is characterized as medium to light oil, extracted from waters off the coast of Brazil.
Lula crude is easy to refine, and good quantities of derivatives, such as gasoline and diesel, can be obtained after refining, increasing its demand especially for modern refineries.
Lula crude is priced based on Brent crude, sometimes with a slight discount, meaning its price rose to more than 100 dollars with the outbreak of war in Iran.
Historic rise in the price of Oman oil.. Why?
Dr. Mostafa Al-Bazarkan, director of the Energy Information and Studies Center, explained in an interview with Al Jazeera Net that the historic rise in the price of Oman oil is due to a combination of factors, including its medium density and sulfur content not exceeding 1.5%, which are qualities desired in oil markets.
He added that Oman oil is characterized by its proximity to refineries in India and generally in Asia, and it is exported from the Sultanate of Oman directly without passing through the Strait of Hormuz.
He explained that markets are eager to buy Oman oil because it solves their problem of the lack of important oil sources capable of crossing the Strait of Hormuz.
In this context, the oil expert Suleiman Al-Khataf pointed out in a post on the X platform that Oman crude has broken the previous record for oil price, which was 144 dollars per barrel set in 2008.
He further noted that all these factors are taken into consideration when pricing oil, explaining why prices differ between various crudes.
Top 10 highest oil crude prices
Here are the top 10 highest prices for oil crudes based on data from the "Oil Press" website regarding yesterday's Tuesday transactions, noting that the prices are in dollars per barrel of oil and are specific to future contracts, and change spontaneously:
1-Kuwait Crude: 148.62
2-Oman Crude: 147.80
3-Indian Oil Basket: 142.69
4-Dubai Crude: 129.90
5-OPEC Oil Basket: 128.99
6-Saudi Arabian Light: 127.05
7-American March Crude: 119.27
8-Abu Dhabi Murban Crude: 111.50
9-West Coast American Crude: 107.70
10-Brent Crude: 102.68
