North Sea Crude-Offers drop despite stalled efforts to end Iran war

MITSUI & CO.

01/05/2026 18:41

LONDON, May 1  (Reuters) - U.S. WTI Midland weakened on Friday despite a lack of progress in ending the Iran war and the associated disruptions to Middle East supply.

PLATTS WINDOW

Indications are free on board (FOB) unless marked as cost, insurance and freight (CIF) or delivered at place.

No deals, a trade source said.

WTI Midland: Mitsui offered a May 21-25 CIF Rotterdam cargo at dated Brent plus $5.50, down from an offer at dated Brent plus $9.00 on Thursday.

The offer was equal to about dated plus $3.59 on an FOB basis, Reuters calculations show.

Platts said in an email on Friday it was adjusting the weighted average flat rate used in the calculation of the WTI Midland North Sea-Rotterdam Freight Adjustment Factor or FAF to $7.27 a metric ton, from $7.14 previously.

Brent and Ekofisk were also offered lower than previous levels, a trade source said.

 (Reporting by Alex Lawler
Editing by Louise Heavens)

 ((robert.harvey@thomsonreuters.com))