North Sea crude market indicators have weakened as large volumes of Middle East oil have flowed into Europe, intensifying concerns about oversupply after the Strait of Hormuz reopened.
According to Jin10, signs of softness emerged in key benchmarks used to price spot Brent. In the Platts pricing window run by S&P Global Commodity Insights, Forties crude—one of the six grades underpinning the global spot Brent benchmark—fell on Monday to its lowest level in two years.
WTI Midland, another key component of the spot Brent benchmark, dropped to a three-month low.
The weakening in North Sea benchmarks followed a surge in Middle East exports, with supply returning to the global oil market. The Dubai benchmark also showed softness, with its spread widening further into a futures premium structure, which is typically viewed as a signal of ample supply.
Traders said that while shipping traffic through the Strait of Hormuz has not fully returned to normal, concerns about oversupply are increasing.
Forties Crude Hits Two-Year Low as Middle East Oil Flows Back Into Europe
2026-06-23 21:00:43
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