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Price and Prejudice

Extreme volatility amid poor liquidity in Brent/Dubai with Apr'26 seeing a $10 swing over the week; all eyes on the first window of April
Published: March 31, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
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It has been over a month since the Middle East conflict began, with no concrete resolution in sight to reopen the Strait of Hormuz. As a result, the Dubai crude market continues to see physical tightness and extreme backwardation. This has not been orderly, and the market has seen great volatility over the past week.

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