Hormuz Freeze Sends Brent-Dubai Spread to Multi-Year High

Brent’s premium to the Middle East’s Dubai benchmark has blown out to its widest level since 2022, confirmation that the global oil market is squarely trading on disruption. As of Tuesday morning, Brent was trading around $83–$84 per barrel, up more than 7% on the day, while Dubai crude sat near $68, barely moving. The spread between Brent futures and Dubai swaps — known as the Exchange of Futures for Swaps (EFS) — surged above $6 per barrel, compared to less than $2 just last week before the Iran conflict erupted.…