This oil is becoming the most expensive in the world: The market is already reacting, prices are going through the roof

This oil is becoming the most expensive in the world: The market is already reacting, prices are going through the roof Reference prices for Middle East crude oil have reached record levels, becoming the most expensive globally, despite a sharp decline in trade attributed to the conflict between the United States, Israel, and Iran. Traders are cautioning that these reference prices have lost significance due to severe supply disruptions. The conflict has effectively halted transport through the Strait of Hormuz, impacting Asian refineries and leading them to seek alternative, more expensive sources from other regions.

• Middle East crude oil prices have reached record highs, making them the most expensive in the world.
• Trade volumes have plummeted due to the conflict involving the United States, Israel, and Iran.
• Traders believe reference prices are becoming less meaningful due to severe supply disruptions.
• The conflict has disrupted passage through the Strait of Hormuz, a crucial oil route.
• Asian refineries are reducing production and seeking alternative oil sources, driving up prices from other regions.
• Premiums for American and African oil have increased significantly, with Brazilian oil reaching record highs above Brent.