NewsDialy
A crude-oil benchmark is a reference price that markets use to value every barrel traded across the world.
Abu Dhabi's state energy company, Adnoc, had spent years trying to build one of its own, anchored to its flagship Murban grade.
The Iran war exposed structural problems with the Murban futures contract, and Adnoc has returned to pricing its crude against the established Dubai benchmark.
The ambition behind Murban Futures contracts are agreements to buy or sell a commodity at a fixed price on a future date. A benchmark gains credibility when enough producers, refiners, and traders all price against it.
Keep reading