ADNOC Lowers July Murban Price to $101.48 Amid Easing Gulf Tensions

The Abu Dhabi National Oil Company (ADNOC) set its July pricing at $101.48, a notable retreat from the $104.44 commanded in June. This adjustment aligns the flagship Murban grade with the company’s other primary offerings, including Umm Lulu, Das, and Upper Zakum. The move follows a broader market downturn that has hit both Brent Crude and regional benchmarks like Dubai and Oman futures over the past week.

Market sentiment shifted rapidly as the prospect of renewed Iranian oil exports replaced earlier supply anxieties. The futures curve for Dubai and Murban grades flipped into contango for the first time since February 28, indicating that traders no longer prioritize immediate delivery over future contracts. With the supply outlook stabilizing, the current price gap has created new arbitrage opportunities, making it commercially viable to ship Middle Eastern crude to markets in the United States and Europe.