Platts Changes to Middle East Oil Pricing Causing Trader Angst

Middle Eastern benchmark crude oil prices have surged this week, as an Iran-war driven rule change affecting a key pricing window resulted in market dislocations that have drawn complaints from traders.

At the start of the week, S&P Global Energy, or Platts as it’s better known, stopped accepting bids and offers in its daily trading window for crude varieties that need to transit the Strait of Hormuz.