Middle East Crude-Benchmarks gain as Middle East tension raises supply worries

SINGAPORE, Oct 21 (Reuters) - Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban rose on Wednesday, amid fears of supply disruptions as tensions in the region escalated.

Iran told Pakistan's army chief there would be no talks with Washington until its demands were met, Iranian media outlet Nournews reported on Tuesday, adding that a Qatari delegation had arrived in Tehran.

Latest attacks on ships in the Gulf also fanned worries of near-term supply.

Oil prices gained over $1 on Wednesday, while falling US crude and product inventories lent support to the market. O/R

SPOT

QatarEnergy has issued a tender to sell al-Shaheen crude loading via ship-to-ship transfers outside the Strait of Hormuz in early December, trade sources said on Wednesday.

The company also offered the grade for loading on a free-on-board basis at Qatar in mid- to late November, they said.

The tender will close on Wednesday.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose $1.10 to $5.58 a barrel.

PRICES ($/BBL)

NEWS

Indian Oil Corp (IOC) IOC.NS plans to cut its Middle Eastern oil purchases under annual deals in 2027/28 as the Iran war has created uncertainty for supplies from the region, a source familiar with the matter said.

The International Energy Agency is ready to coordinate more emergency oil releases by member countries if needed, its boss said on Tuesday, while it spurs the release of diesel under existing plans to help cool surging prices.

At least three North Asian refiners plan to reduce Middle Eastern crude volumes in their 2027 contracts to make room for purchases from other regions after the Iran war disrupted supplies this year, people with knowledge of the matter said on Tuesday.

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