The world's biggest oil port reopens to tankers as the Gulf supply shut-in unwinds
The Arabian Gulf crude benchmark used by Saudi Arabia, the UAE, Kuwait, and Iraq to price roughly 12-14 million barrels per day of oil exports to Asia.
full dossier ›Three benchmark grades, one production cartel, US shale, and a US strategic reserve together set the oil price that drives inflation, trade balances and geopolitics.
The Dubai M1–M3 spread collapses from ~$37 to ~$8/bbl as the war premium fades, but Aramco's lagging formula left July differentials high enough to push China's Saudi intake toward ~600,000 bpd