Oil buyers across the planet are facing some of the highest premiums for supplies they’ve seen in months — or longer — as dwindling stockpiles at the largest U.S. storage hub reverberate through markets from Asia to the Middle East to Europe.
Flagship U.S. crude cargoes on offer in Asia are coming in at the costliest premium this year. The spread between Brent and Middle East oil has jumped to the highest since February, while the premium for near-term U.S. supply is close to the highest since July 2022.
