Brent crude oil's premium to Middle East benchmark ‍Dubai rose ‍on Tuesday to its highest since July ​as tensions in Iran and Venezuela supported the global ⁠price benchmark, LSEG data showed.

Brent's Exchange of Futures for ⁠Swaps (EFS) to ‌Dubai for March, which has risen from parity in early December, settled at a premium ⁠of $1.97 a barrel as of 0830 GMT on Tuesday, its highest since July, LSEG data showed.

A widening of the price spread makes ⁠Brent-linked grades more expensive ​for buyers in Asia, prompting them to buy more Middle Eastern oil.

Heightened ‍concerns surrounding Iran and worries of potential supply disruptions from ​the OPEC country supported oil futures, with Brent hovering near a two-month high on Tuesday.

Meanwhile, Middle Eastern crude benchmarks faced persistent weakness due to adequate supplies after OPEC+ hiked output in 2025 and limited demand from Asia, the world's biggest consuming region.

Dubai's cash premium flipped into a discount at the start of this ⁠year for the first time ‌since 2023, due to unsold cargoes loading in February and a lack of interest in ‌taking ⁠on bullish positions this month.

(Reporting by Siyi Liu in Singapore; ⁠Editing by Louise Heavens and Tomasz Janowski)