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Argus Debuts Gulf of Oman STS Price Benchmarks Amid Hormuz Disruptions

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Argus Media said on Wednesday it has launched the first price assessments for Abu Dhabi offshore crude loaded via ship-to-ship transfers in the Gulf of Oman, as the closures of the Strait of Hormuz continue to reshape regional trading routes.

The new daily assessments, covering Upper Zakum, Das, and Umm Lulu grades, track oil moved from Middle East Gulf terminals to tankers stationed outside the critical chokepoint.

The new pricing reflects a shift in trading activity as producers and buyers adapt to disruptions caused by the closure of the strategic waterway, which has affected crude loadings from ports inside the Gulf.

Prior to the US-Iran conflict, Abu Dhabi crude was primarily traded on a free-on-board Middle East Gulf basis, with buyers lifting cargoes directly from loading terminals.

Argus said trading liquidity for Abu Dhabi offshore crude exports has increasingly migrated toward STS transfers in the Gulf of Oman, creating a need for prices that reflect the new trading structure.

The newly launched Mideast Gulf STS assessments are a response to the uncertainty caused by the on-off closure of the Strait of Hormuz, said Adrian Binks, Argus chairman and chief executive.

The new prices are published daily in the Argus Crude service.

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