18th March 2026
The $150+ oil prices you're hearing about are real but they are not coming from the usual global benchmarks like Brent or WTI. They're coming from regional physical markets and Middle Eastern benchmarks, which are behaving very differently right now.
Where oil actually hit $150
Oman crude
Oman crude (May delivery): ~$152-$154 per barrel
This is a physical / regional benchmark used heavily in Asia
This price surge has been confirmed across multiple reports:
Oman crude hit $152.58+ in official pricing
In spot trading, it even approached $154
Why Oman?
It bypasses the Strait of Hormuz, so it became extremely valuable when Gulf flows were disrupted
Buyers scrambled for it as a substitute for blocked Middle East supply
2) Dubai / Middle East benchmarks
Dubai crude (cash benchmark): ~$155–$157
Also used to price oil flowing into Asia
These benchmarks surged even higher than Oman:
Dubai crude reached about $157+ per barrel
"Persian Gulf physical market" (broader category)
Traders report $150+ prices across Gulf-linked crude grades
Includes Oman, Dubai, and similar Middle Eastern streams
Key point:
These reflect real, immediate supply shortages
Much more sensitive to disruption than global futures
Why Brent & WTI are still around $100
Brent (Europe) and WTI (US) are:
Financial benchmarks (futures-heavy)
Linked to Atlantic Basin supply (US, North Sea)
They’re being buffered by:
Strategic reserve releases
Higher inventories in US/Europe