Murban Crude Surges to $118 as Hormuz-Bypass Advantage Sets It Apart from Falling Brent and WTI Prices.
Global crude oil benchmarks eased from their highest levels in nearly six months during early Asian trading on Monday, October 26, 2026.
However, the UAE’s Murban crude moved in the opposite direction, defying the broader market decline to rise above $118 per barrel.
Here is a breakdown of the latest oil prices as of 10:50am Beijing time, according to OilPrice.com:
Brent crude’s $2.15 decline brought prices back towards levels recorded in the middle of last week. Meanwhile, Murban is trading approximately $3.40 above Brent, marking a renewed premium after a brief period of price convergence.
On Friday, Murban had surged nearly 4% to $114.40 per barrel, bringing it in line with Brent and eliminating the discount at which it had recently been trading.
Why Brent and WTI Prices Declined
Brent and US crude oil prices moved lower on Monday, pulling back from the nearly six-month highs reached towards the end of the previous week, despite ongoing attacks targeting Saudi Arabia that continued to raise concerns about global oil supplies.
Both major benchmarks had closed Friday’s trading session almost $3 per barrel higher as intensified Houthi attacks heightened fears of potential disruptions to energy supplies.
Brent recorded a weekly gain of approximately 6%, making profit-taking by traders one possible explanation for Monday’s decline following the sharp rally.
However, the precise factor behind the latest price movement was not immediately apparent.
Weekend Developments That Influenced Oil Markets
- On Saturday, the Houthis claimed to have targeted Saudi oil installations and airports, including an Aramco facility in Yanbu, the Rabigh refinery and King Khalid International Airport in Riyadh.
- Saudi authorities have not verified those claims. However, the Saudi-led coalition reported intercepting two ballistic missiles launched towards Yanbu and Taif.
- On Sunday, the coalition announced further interceptions of Houthi drones and missiles directed towards Riyadh, Khamis Mushait and southern parts of Saudi Arabia.
- Yanbu is strategically important because it serves as the Red Sea export terminal for a pipeline capable of transporting 7 million barrels of oil per day, providing Saudi Arabia with an alternative to shipping crude through the Strait of Hormuz.
- Despite the reported attacks, there has been no independent confirmation of damage to oil infrastructure.
- On Sunday, Admiral Brad Cooper, commander of US Central Command, flew over the Strait of Hormuz. CentCom stated that US forces had assisted regional partners in exporting more than 1.5 billion barrels of oil since the summer.
Why Murban Crude Is Outperforming Brent and WTI
Unlike many other regional crude grades, Murban oil is exported through Fujairah, located outside the Strait of Hormuz, allowing shipments to avoid the strategically sensitive waterway.
This logistical advantage has helped Murban command record premiums during the 2026 Gulf crisis. In mid-September, Murban prices exceeded $127 per barrel, while Brent was trading above $107.
One possible explanation for Murban’s stronger performance is the limited availability of crude oil supplies that can bypass the Strait of Hormuz.
As concerns grow over the security of alternative export routes, buyers may be willing to pay higher prices for oil that can reach international markets without passing through the strait.
Murban is the flagship light sour crude grade produced by the Abu Dhabi National Oil Company (ADNOC) and represents the UAE’s largest individual crude oil export stream.
According to BrentChart.com, Murban has an API gravity of approximately 39.9° to 40°, classifying it as a relatively light, low-density crude oil comparable in density to major international benchmarks such as US West Texas Intermediate (WTI) and Brent.
Murban crude contains approximately 0.7% to 0.8% sulfur by weight, placing it in the sour crude category. However, its sulfur concentration is considerably lower than that of many conventional Middle Eastern crude oil grades.
From a refining perspective, Murban produces substantial quantities of valuable petroleum products, including gasoline, naphtha and middle distillates. Nevertheless, refineries require hydrotreating facilities to remove sulfur and produce fuels that meet ultra-low-sulfur specifications.
Natural Gas Prices Decline Nearly 4%
Natural gas prices also moved lower, falling 3.9% to 2.537, according to the available market data.
However, the screenshot did not specify the trading contract or measurement unit, and no clear explanation for the decline was identified.
As a result, the natural gas price movement is being treated separately from the developments influencing global crude oil markets.
Key Developments to Watch in Oil Markets
- Federal Reserve interest rate decision: Investors will be closely monitoring Wednesday’s announcement by the US Federal Reserve, which could influence broader financial markets and energy prices.
- Saudi oil infrastructure updates: Attention will remain focused on any official confirmation or denial from Saudi authorities regarding potential damage to facilities in Yanbu, Rabigh or the East-West Pipeline.
- Murban’s premium over Brent: Traders will also be watching whether UAE Murban crude can maintain its price advantage over Brent, particularly as concerns persist over regional supply disruptions and the security of alternative oil export routes.
