Real-world oil benchmark Dated Brent hits record amid Iran war disruption: Report

Dated Brent, the key benchmark for physical crude cargoes that helps price much of the world’s oil, climbed to an all-time high Tuesday as the Iran war continued to disrupt global supply flows, Bloomberg News reported, citing Platts data.

The benchmark rose to $144.42 per barrel, according to Platts, a unit of S&P Global Commodity Insights, signaling mounting strain in physical oil markets as shipments through the Strait of Hormuz remain constrained.

Dated Brent, which reflects the price of actual North Sea crude cargoes bought and sold in the physical market, has surged as refiners scramble to secure available barrels amid tightening supply.

The latest gains also underscore how the conflict is increasingly affecting real-world crude markets, with disruptions through the Strait of Hormuz, a route that handles one-fifth of global oil flows, fueling concerns about worsening shortages.

A key pricing window used in setting the Dated Brent benchmark also showed strong buying interest earlier in the day, with 12 unanswered bids for cargoes, pointing to acute tightness in the market.

In addition to curbing crude availability, the Hormuz disruption is also pressuring fuel supplies, boosting refining margins as buyers compete for feedstock and refined products.