Middle East crude benchmark spot premiums rallied on Monday amid upbeat sentiment, supported by strong China buying and more potential sanctions that could disrupt supply.

The spot premium for Oman jumped to the highest in nearly three months, while Dubai’s hit a six-month peak.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 36 cents to $3.63 a barrel.

Mercuria declared a November-loading Upper Zakum crude cargo to Gunvor following the deals.

NEWS

Ukraine launched a large attack with at least 361 drones targeting Russia overnight, sparking a brief fire at the vast Kirishi oil refinery in Russia’s northwest, Russian officials said on Sunday, reporting no injuries.

China’s crude oil throughput in August rose 7.6% from a year earlier, official data showed on Monday, as state-owned refineries maintained high operating rates, according to consultancies.

Marine bunker fuel sales in Singapore maintained strong momentum in August, holding at their highest levels since December 2023, according to official data released on Monday.

Ukraine will restrict imports of diesel fuel originating in India, which purchases a significant portion of its crude oil from Russia, starting October 1, Ukrainian energy consultancy Enkorr said on Monday.
Source: Reuters