Middle East conflict disrupts traditional systems, Asian oil refiners demand Saudi Arabia adjust crude pricing mechanism.

Traders have indicated that with the disruption caused by the Middle East wars to the traditional crude oil pricing system, Asian refining companies have requested Saudi Arabia to change its crude oil pricing method. According to traders directly involved in the negotiations, the largest buyers of Saudi oil hope to price crude oil based on the Intercontinental Exchange Brent crude oil futures, rather than a combination of Dubai and Oman benchmark prices. They have stated that negotiations with Saudi Aramco are ongoing and could ultimately fail. Saudi Aramco did not respond to requests for comment.