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EMEA Oil Update: Murban Crude Hits All-Time High as Abu Dhabi Cuts Supply

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Crude oil futures climbed on Wednesday, with Murban crude hitting a record high amid Abu Dhabi supply cuts to Asia, while Brent rose past $91 per barrel driven by escalating Middle East conflicts and infrastructure attacks.

Brent gained 0.5% to $91.51 per barrel and hit its highest since July 30 on Tuesday, while Murban crude futures gained 1.8% to $99.54/bbl, and hit their highest ever based on available data at $100.65/bbl earlier in the session.

The rally follows reports that the Abu Dhabi National Oil Company plans to cut oil allocations to Asian buyers for August and September due to maintenance at onshore oil fields.

The UAE's energy giant said "We do not comment on commercial matters," in an email to.

On Tuesday, the UK Maritime Trade Operations reported that two commercial vessels were struck by unknown projectiles while transiting the Strait of Hormuz.

"US-Iran tensions remain high, keeping supply risks elevated and the Strait of Hormuz constrained. Trump says there are no talks with Tehran and confirms the US naval blockade. Despite claims the waterway is open, traffic remains limited," Saxo Bank analysts noted.

Compounding these maritime risks, the UAE Ministry of Defense announced that its air defenses detected two ballistic missiles launched from Iran, with one landing in territorial waters and another outside.

These physical disruptions continue to restrict vital energy shipping lanes. Commercial traffic through the Strait of Hormuz and the Bab el-Mandeb Strait remains heavily constrained.

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories dropped by 328,000 barrels in the week ended Aug. 14.

The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

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