Middle Eastern crude oil benchmark spot premiums are down, pressured by freight costs and supply expectations.

⑴ Oman, Dubai, and Murban crude oil spot premiums continued to decline on Monday, with traders actively offering cargoes while high freight rates dampen buyer interest. ⑵ The premium of Dubai cash crude over swaps fell by about $0.9 to around $4.0 per barrel. ⑶ The market is also assessing supply prospects, as last week's attacks led to a decrease in traffic through the Strait of Hormuz. ⑷ Oil prices retreated from five-month highs, as investors took profits amid market concerns triggered by Trump's tariff comments. ⑸ Official Chinese data shows that refinery crude oil throughput rose slightly for the third consecutive month in September, with strong fuel exports supporting demand. ⑹ In terms of spot trades, several Dubai crude oil transactions were concentrated around $107 per barrel. ⑺ Going forward, attention will focus on the recovery of traffic through the Strait of Hormuz and changes in freight rates, with spot premiums likely to remain weak in the short term.