Oil benchmarks lose credibility amid Middle East conflict.

Oil benchmarks lose credibility amid Middle East conflict. Asia's refiners are abandoning traditional pricing systems as war-driven disruptions create extreme volatility in crude markets. Oman crude recently spiked near $170 per barrel before crashing, signaling fundamental disconnect from physical supply realities. The Middle East's key benchmarks, which price billions in monthly crude purchases across Asia, now suffer from severe liquidity shortages and unreliable data. With roughly five million barrels daily still flowing through pipelines despite regional production shutdowns, traders and refinery officials across the world's largest oil-consuming region question benchmark integrity. Societe Generale analysts warn the conflict's impact extends beyond infrastructure damage, now distorting pricing mechanisms that underpin global energy markets.