Middle East Crude Prices Surge as Supply From Iran and Russia Falls

Reduced supply of crude from Iran and Russia has prompted a rally in the prices of crude from the Middle East, where some grades have soared to rarely seen premiums over the global benchmark, Brent. The Murban crude futures from the United Arab Emirates (UAE), for example, have outperformed Brent over the past two months, traders have told Bloomberg.

In addition, the prices of Oman and Dubai crude jumped to a rare premium over Brent in recent weeks, as demand for Middle Eastern oil has increased in China and India, key Iranian and Russian buyers,…