Spot premiums for U.S. West Texas Intermediate crude have surged to all-time highs as Asian and European refiners compete for supply to replace Middle Eastern oil disrupted by the Iran war. Premiums for WTI Midland crude delivered to North Asia have reached $30 to $40 a barrel, while European bids have climbed to nearly $15 a barrel against dated Brent. This competition is increasing costs and losses for refiners on both continents.
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