Asian refiners have started pricing orders for U.S. crude against the ICE Brent benchmark rather than the usual Dubai crude, as the Middle Eastern benchmark faces extreme swings from choked supply out of the Persian Gulf. Dubai crude soared to a record $169.75 per barrel last week and traded near $130 early Friday, prompting Japanese buyers like Taiyo Oil to secure 2 million barrels of U.S. light crude for July delivery at a $19 premium over Brent; the company normally prices against Dubai. The shift reflects market reluctance to use the volatile Dubai benchmark amid physical supply disruptions and the de facto closure of the Strait of Hormuz. Asian refiners are paying record premiums for non-Middle Eastern sour crudes, cutting processing rates, and facing skyrocketing fuel prices that have led governments to impose fuel-saving steps including four-day work weeks, remote work, extended holidays, and fuel export bans. Source: https://www.zerohedge.com/commodities/asia-begins-pricing-us-oil-against-brent-dubai-volatility-spikes