Dated Brent Tops $120 as Physical Oil Market Tightens Sharply
· Oil & Gas
Dated Brent surged above $120 while ICE Brent slipped toward $101, a divergence that signals severe tightness in physical crude markets. The squeeze follows a European diesel stock release, drone strikes on tankers in the Strait of Hormuz and China's reinstatement of its refined product export ban.
Why it matters：A widening gap between physical and futures prices affects refiners, traders and import-dependent economies, and could force a repricing of global crude benchmarks if disruptions persist.
Key points
- Physical Dated Brent above $120 while ICE Brent fell toward $101.
- European diesel stock release added to market volatility.
- China reinstated a refined product export ban, tightening supply.
Sources (original reporting)
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