Oil prices continued to rise as energy facilities in the Gulf were targeted, navigation in the Strait of Hormuz remained suspended, and European nations rejected President Donald Trump’s request to participate in securing oil tankers in the strait.
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Bloomberg described the conflict in the Gulf as having transformed into an "oil price war," as Tehran seeks to limit global supply to drive prices up, increasing pressure on Trump to halt the hostilities.
The price of Brent Crude surged to over $104 per barrel on Tuesday, amid the ongoing closure of the Strait of Hormuz, through which approximately 20% of the world’s oil supply passes.
Notably, Gulf crude prices reached record highs, including Omani and Kuwaiti oil, reflecting high global demand. Reuters reported that Middle Eastern crude prices have soared to unprecedented levels, becoming the most expensive globally, while trading volumes decline due to the U.S.-Israeli war on Iran.
In this report, we track the top 10 most famous oil crudes and the impact of the war on them:
1. Brent Crude
The primary global benchmark. Originally named after oil extracted from the North Sea (Norway and the UK). It prices over 70% of the world's seaborne oil. It reached over $104 on Tuesday, a 40% cumulative increase since the war began on February 28.
2. West Texas Intermediate (WTI)
The benchmark for North American oil. WTI rose by over 5% on Tuesday to $98.32 per barrel, marking a nearly 50% total increase since the start of the war.
3. Oman Crude
Highly sought after in Asian markets. It is medium-density with low sulfur content, making it easy to refine. On Tuesday, May delivery contracts surpassed $152 per barrel, setting a new record.
4. Kuwait Export Crude (KEC)
A medium-to-heavy crude and a key Middle Eastern benchmark. The price jumped by $5.58 to reach $148.62 per barrel on Monday.
5. Arab Light (Saudi Arabia)
A primary benchmark for OPEC, as Saudi Arabia is the world’s largest oil exporter. It is medium-density and highly traded, jumping to over $120 per barrel following the conflict.
6. Murban (Abu Dhabi)
A light, low-sulfur crude exported via the Port of Fujairah. Its strategic advantage is that it bypasses the Strait of Hormuz. Its price rose to approximately $110 per barrel.
7. Urals (Russia)
Russia's main export blend. Usually priced at a discount to Brent due to Western sanctions. Recently, prices hovered between $50–$60 after a temporary U.S. Treasury waiver to ease energy market pressure.
8. Merey (Venezuela)
A very heavy, high-sulfur crude requiring specialized refineries (found in the U.S., China, and India). Priced at a discount to Brent, it rose to approximately $98 per barrel.
9. Bonny Light (Nigeria)
A light, easily refined crude with high demand in Europe and the U.S. Prices surpassed $100 per barrel since the war's onset.
10. Lula (Brazil)
A medium-to-light crude extracted from Brazilian offshore fields. It is prized for its high yield of gasoline and diesel. Priced close to Brent, it also exceeded $100.
The Top 10 Highest Oil Prices (Based on Tuesday's Trading)
Note: Prices are in USD per barrel for futures contracts and are subject to real-time fluctuations.
Rank,Crude Oil Blend,Price ($/Barrel)
1,Kuwaiti Crude,148.62
2,Oman Crude,147.80
3,Indian Oil Basket,142.69
4,Dubai Crude,129.90
5,OPEC Basket,128.99
6,Saudi Arab Light,127.05
7,U.S. Mars Crude,119.27
8,Abu Dhabi Murban,111.50
9,U.S. West Coast Crude,107.70
10,Brent Crude,102.68
Source: Bloomberg
