Dubai Oil Benchmark Under Pressure From Hormuz Strait Disruptions

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Published: 2 hours ago

Iran conflict has effectively closed the Strait of Hormuz, stranding majority of Middle East oil exports. The Dubai crude benchmark, which prices 18 million barrels per day from UAE, Oman and Qatar, has three of five underlying crude grades sidelined. Oil supply disruptions typically strengthen commodity currencies like CAD and NOK while weighing on oil-importing nations' currencies. Energy price volatility could drive significant moves in these pairs.

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