SINGAPORE: The prompt ​monthly ⁠price spread for ‌Middle East benchmark ​Dubai widened nearly $1 a barrel ​in backwardation on ​Monday, following a flurry ⁠of trades in the wake of the U.S.-Iran ​conflict, ‌trade sources ⁠said.

Bids ⁠for the balance-month March/April ​spread ‌were at ⁠about $1.45 a barrel, up from 52 cents at Friday's close, they said.

Backwardation refers to a ‌market structure where prompt prices ⁠are higher ​than those in future months.

(Reporting ​by ‌Florence Tan; ⁠Editing ​by Jacqueline Wong)