Platts Adjustments to Middle Eastern Oil Pricing Stir Concerns Among Traders

Middle Eastern Oil Prices Surge Amid Market Shakeup

Oil prices in the Middle East have experienced a sharp increase this week, following a significant change in trading rules linked to concerns over conflict involving Iran. This adjustment has disrupted the usual pricing process, leading to frustration among market participants.

Earlier this week, S&P Global Energy—commonly referred to as Platts—implemented a new policy, no longer allowing bids or offers for crude oil grades that must pass through the Strait of Hormuz during its daily trading session.

As a result of this policy, only Oman and Murban crude—both of which are shipped from outside the Strait—are now eligible for trading in the market-on-close window, which is instrumental in determining Dubai oil prices.

According to traders monitoring the Platts Dubai platform, barrels traded in this window on Friday were commanding premiums of around $23 above the related over-the-counter financial contracts, a dramatic jump from just $1 the previous week.

Industry insiders, including traders and refinery officials, note that the Dubai benchmark is now based on a narrower selection of crude, which does not fully account for the heightened risks associated with the Iran conflict. These sources requested anonymity as they are not authorized to speak publicly.

Traders point out that the benchmark is now set by oil considered less exposed to risk, which is likely increasing demand and driving prices higher.

“Platts’ approach to Dubai pricing includes alternative delivery options precisely because no single crude stream can guarantee ongoing liquidity,” S&P Global Energy stated on Friday.

“The continued effectiveness of Platts Dubai, with the potential delivery of over 2 million barrels per day, highlights its robustness even in these challenging times. We are actively gathering market feedback and closely observing developments.”

Reporting contributed by Rong Wei Neo.

©2026 Bloomberg L.P.