Crude prices surge in Europe as Asian buying tightens market
Competition for crude will likely intensify further as Asian buyers prioritize securing feedstock over refining margins, Sparta Commodities analyst June Goh said in a March 5 note. Refineries in the region are expected to “grab whatever crude they can get their hands on” to replace Middle Eastern barrels, she said.
Bloomberg, March 6, 2026 – Crude prices in Europe are rising sharply as Asian refiners aggressively buy alternative supplies to replace Middle Eastern crude disrupted by the conflict and shipping issues in the Strait of Hormuz. This surge in demand has tightened the Atlantic Basin market, pushing premiums for key grades like Johan Sverdrup, CPC Blend, and Azeri Light significantly higher. However, some West African crude is still selling slowly due to very high freight rates to Asia. Analysts expect competition for available barrels to intensify if disruptions persist, with Brent already climbing above $91 and risks of much higher prices if the Strait of Hormuz remains blocked.
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