Middle East crude benchmarks soared to all-time highs, becoming the most expensive oil in the world, even as trade slumps amid the US and Israeli war on Iran, with some traders arguing that the benchmarks have lost relevance due to supply disruption. The surge in the benchmarks – used to price millions of barrels of Middle Eastern crude bound for Asia – is pushing up costs for Asian refiners, forcing them to seek alternatives or reduce output further in the coming months.Middle East crude exports to Asia fell to 11.665 million barrels per day (bpd) in March, down from nearly 19 million bpd in February and about 32 per cent lower than March 2025 levels, as the war halts shipping through the Strait of Hormuz. Are middle east economies likely to collapse ?

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