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Friday, October 23, 2026Updated 19:22 UTC

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Middle East Physical Crude Slides While Brent Hits Five-Month High

Source: OilPrice.com · Oct 23, 2026 15:30 UTC

Oil refinery towers and pipes with a city skyline in the distance — File photo Carol M. Highsmith / Library of Congress · Public domain · Source

The Quick Take

In contrast with the international benchmark futures prices, the prices of physical crudes from the Middle East have softened this week, as oil continues to flow out of the Persian Gulf in ship-to-ship transfers offshore Oman and producers offer competitive prices to Asian buyers. Some crude grades from Iraq and Oman have sunk into deep discounts to the physical Dubai benchmark. Iraq’s Basrah Medi

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