Platts suspends nominations of crude oil grades loading in Persian Gulf for Platts Dubai crude benchmark

Platts, part of S&P Global Energy, on March 2, 2026, has suspended nominations of crude oil grades that require ships to transit the Strait of Hormuz upon convergence of Platts Dubai crude partials contracts traded during the Platts Market on Close assessment process, effective immediately.

Platts will continue to publish all Middle East crude assessments, including cash Dubai, but sellers may not nominate Dubai, Upper Zakum, Al-Shaheen, or Murban cargoes loading from Jebel Dhanna, upon convergence of Platts Dubai crude partials contracts during the Platts MOC, until further notice.

Platts will not publish bids or offers for Platts Upper Zakum and Platts Al-Shaheen crude partials in the Platts MOC, until further notice. Platts will continue to assess and publish values for these grades during this review, basis information received around these grades, which may include bids or offers for full 500,000 barrel cargoes in the Platts MOC. During this time Platts may assess Upper Zakum and Al-Shaheen below cash Dubai.

On March 1, 2026, Platts initiated a review of the deliverability of crude oil cargoes loading from ports inside the Persian Gulf against trades published in the Platts MOC process for Middle East crude. Market participants have notified Platts that many major shipping companies have halted transit through the Strait of Hormuz amid heightened safety concerns after Israel and the US launched air strikes on Iran on February 28, 2026.

Platts will continue to monitor performance against trades previously reported in the Platts MOC process in line with existing editorial guidelines. Buyers and sellers may mutually agree on alternate loadings of these cargoes, but sellers should not impose this.

During the review period, Platts invites further comments regarding the extent and likely duration of these shipping restrictions, as well as their impact on the deliverability of crude loading from within the Straits of Hormuz in the Platts assessment process.

Please send any feedback or questions to asia_crude@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.