Middle East Benchmark Distorted? Asian Refiners Abandon Dubai Oil Prices, Switch to Brent Pricing for U.S. Crude

Dubai crude oil surged to a historic high of nearly $170 per barrel, far exceeding Brent's $103 per barrel, prompting Asian refiners to accelerate their shift from Dubai to Brent pricing for their U.S. crude oil purchases. The Japanese government has also intervened unusually, requesting domestic wholesalers to follow suit in changing pricing benchmarks to curb oil prices. This move could impact the liquidity of derivatives based on Middle Eastern benchmarks and exert long-term pressure on the pricing mechanisms of major suppliers like Saudi Aramco