Platts cash Dubai differential surges past $10/b premium

The differential for benchmark Platts cash Dubai surpassed a $10/b premium for the first time since 2022, data from Platts, part of S&P Global Energy, showed March 4, amid the ongoing fallout from the conflict in the Middle East.

The marker was assessed at a $13.05/b premium against same-month Dubai futures at the March 4 Asian close, up $5.29/b on the day and a high last exceeded on March 7, 2022, when it was at a premium of $13.22/b.

Ship traffic through the Strait of Hormuz remained severely curtailed March 4, with crude and product crossings close to a standstill and hundreds of vessels queued on both sides of the chokepoint, despite a US promise on March 3 to offer risk insurance.

Differentials for other key Middle East sour crude markers have also notched similar historical highs, with Platts cash Oman also assessed at a $13.05/b premium and Platts cash Murban at a $11.49/b premium against same-month Dubai futures March 4.

Physical East-West crude spreads have plummeted to multi-month lows amid the strength in the Dubai crude complex. The front-month cash Brent-Dubai spread was assessed at minus $2.45/b at the March 4 Asian close, down 85 cents/b on the day and the lowest since October 2025.