S&P Global Platts, a company that reports oil prices, has suspended bids and offers to assess the price of Middle East refined products transiting the Strait of Hormuz due to the shipping disruptions resulting from the U.S./Iran conflict. The note was sent on Monday.

S&P Global Platts is one of the largest providers of information about oil and fuel prices and transactions in the Middle East, and the company said it was also reviewing the Middle East crude pricing mechanisms.

Platts announced in a note to subscribers that from March 2, until further notice they will not be publishing bids or?offers for the Middle East refined product Market on Close Assessment Process where the loadings are at?ports in the Persian Gulf which require transit through Strait of Hormuz.

Platts refused to comment on the suspension bids and offers for some of its 'Middle Eastern oil products assessments.

The Strait of Hormuz, a narrow waterway connecting the Gulf of Oman to the Arabian Sea, is located between Iran and Oman. The Strait of Hormuz is a narrow waterway that connects the Gulf to the Arabian Sea. It runs between Iran and Oman.

Platts said that in a note emailed to its subscribers, it was reviewing the deliveryability of Middle -East crude from 'ports located within the Gulf. It will announce its final decision at 2 p.m. (0600 GMT).

"This review was initiated after market participants notified Platts of the fact that major shipping companies had halted transits through?the Strait of Hormuz due to increased safety concerns following Israel and the U.S. air strikes against Iran," Platts'said.

Platts daily Dubai crude oil 'price assessment' is a physical standard used by traders and oil companies in setting the price of Middle Eastern crude oil and its derivatives.

(source: Reuters)