China's Yuan Crude Oil Futures Reach Record High Amid Supply Concerns
Yuan-denominated crude oil futures on the Shanghai International Energy Exchange (INE) hit a record high of $138.50 per barrel as concerns over Middle East supply disruptions and increased demand from Chinese refiners drove prices upward. The surge followed drone attacks that temporarily shut down Saudi Arabia's East-West oil pipeline, raising fears about regional stability and global crude flows. International benchmarks also climbed, with Brent Crude reaching $108 a barrel and WTI surpassing $103 per barrel amid ongoing tensions in the region. Chinese refiners have been increasing their purchases of crude oil, contributing to upward pressure on prices. The INE contract is closely tracking similar-grade crudes like Oman and Murban, both trading above $120.
Topics: crude oil futures INE crude contract Middle East supply concerns oil prices