Abu Dhabi abandons bid to build global oil benchmark

Abu Dhabi has decided to abandon its ambitious plan to create a new global oil benchmark, reverting instead to the more established Dubai benchmark. This shift follows significant issues exposed by the war with Iran, which affected the reliability of the Murban futures contract. The decision underscores the challenges of establishing a new benchmark in a volatile global market and highlights the enduring relevance of existing benchmarks despite competition. This move has implications for traders and investors relying on stable pricing mechanisms for oil transactions.