Middle East spot oil prices fall, crude oil transportation through the Strait of Hormuz remains unimpeded.

Spot prices for some Middle Eastern crude grades sold to markets outside the Persian Gulf have weakened; despite frequent attacks, producing countries and global traders have become more experienced in arranging tankers to ship crude out via the Strait of Hormuz. A cargo of Iraqi Basrah Medium crude was traded in the Gulf of Oman outside the Strait of Hormuz via ship-to-ship transfer at a discount of nearly $10/bbl to the Dubai spot benchmark. Traders said spot prices for Iraqi crude and other grades weakened because of intensified competition among sellers' offers and assurances that the crude can be shipped smoothly out of the Gulf.