Yuan-based crude oil futures contracts on the Shanghai International Energy Exchange reach the equivalent of $138.50 per barrel

Yuan-based crude oil futures contracts on the Shanghai International Energy Exchange rose to the equivalent of $138.50 per barrel, recording the highest figure since these contracts were offered in 2018.

The surge came after the shutdown of the East-West oil pipeline in Saudi Arabia and an increase in purchases by Chinese refineries.

Oman and Murban futures also traded above $126 per barrel.

The Shanghai contract is based on Middle Marker crude delivered among the contracts to local storage. That means its price includes not only the oil itself, but also transportation costs.