Cooling markets likely to end Saudi Arabia’s record crude price run

The cash Dubai price's premium to swaps fell to $9.17 on Monday, down from a historical high of more than $60 in March after the war hit supply, Reuters data showed.

Dubai's premium has averaged $15.22 a barrel so far in April, less than half of March's average of $38.30, the data showed. Spot Oman premiums followed those of Dubai.

Even though there is no end in sight to the conflict, physical crude prices have softened as demand slowed after an initial wave of panic buying. Replacement cargoes from the US, West Africa and elsewhere are expected to arrive from late April, while refiners in India and Southeast Asia have increased purchases of Russian crude under US waivers.