Platts halts key oil assessments amid Hormuz disruption

Platts suspends key crude, fuel, and LNG price assessments after shipping through the Strait of Hormuz is disrupted by regional tensions

S&P Global Platts has suspended the acceptance of bids and offers for several crude oil, refined products, and liquefied natural gas price assessments in the Middle East after shipping traffic through the Strait of Hormuz was disrupted.

The agency told clients it will not currently accept trades for major crude grades such as Dubai, Upper Zakum, the UAE’s Murban, and Qatar’s Al Shaheen under its daily price assessment system.

The decision also affects fuel and oil products, with Platts halting the acceptance of bids and offers for jet fuel, gasoline, and diesel shipped from Gulf ports or from the port of Fujairah that require transit through the Strait of Hormuz, Reuters reported.

Platts also said it has stopped publishing offers for liquefied natural gas cargoes loading from Ras Laffan in Qatar or Das Island in Abu Dhabi, while continuing, where possible, to publish regional shipping costs.

The agency said the exceptional measures were taken because maritime safety has come under direct threat, preventing traders from committing to delivery schedules, adding that military tensions have made it difficult to establish a fair and orderly price for oil products moving through the increasingly volatile waterway.