Dated Brent Above $120 Signals a Serious Oil Squeeze ...Middle East

Physical oil markets tighten sharply as Dated Brent surges above $120 despite ICE Brent slipping toward $101. Friday, October 02, 2026 The European diesel stock release, droned tankers in the Strait of Hormuz, and China reinstating its refined product export ban have all played their part in this week’s extremely volatile trading, with ICE Brent edging lower to $101 per barrel. That said, the physical oil market has been moving in the opposite direction, with Europe’s main physical benchmark Dated Brent (which should technically underpin…

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