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June Brent Above $107

Iran tanker attack near Dubai; India diesel flows to Asia surge; US gas tops $4; Golden Pass LNG produces first cargo
Published: March 31, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
4 page report
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The Jun’26 Brent futures contract has climbed this morning, from $104.91/bbl at 03:00 BST to $107.87/bbl at 06:20 BST, before easing to $107.19/bbl at 10:40 BST (time of writing).

In the news, Iran has attacked a fully loaded crude oil tanker off Dubai in the early morning hours of March 31. Authorities reported that the Kuwait-flagged Al-Salm managed to control the fire without any oil leaks or injuries to the crew. Meanwhile, India's diesel exports to Southeast Asia reached their highest level in over seven years in March, according to Kpler shipping data; refiners have sought higher profits in Asia amid the US-Israeli conflict with Iran. Approximately 7.45mb of diesel have been shipped along this route, with about half destined for Singapore, according to data from Kpler and Reuters trade sources. In other news, the national US average retail gasoline price exceeded $4 per gallon for the first time in over 3 years, according to GasBuddy data. This milestone was last reached in August 2022, following Russia’s invasion of Ukraine. In Houston, Golden Pass LNG, a joint venture ‌between QatarEnergy and Exxon Mobil, has produced its first LNG at its new facility and is expected to export its first cargo in Q2. Finally, at the time of writing, the front-month (Jun/Jul) and 6-month (Jun/Nov) Brent futures spreads are at $7.19/bbl and $23.33/bbl, respectively.

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