Brent crude surges above $100 after Hormuz disruption removes 9.1 million barrels daily, boosting Dune Oil’s Turkish asset valuation.
Dune Oil Corp’s 29% stake in Turkey’s Block M47 is valued at $733.5 million net, based on a $63.68 Brent price assumption. The block targets premium 32.4° API light oil, with $15 million committed for exploration by 2027.
The Strait of Hormuz’s partial closure has cut 9.1 million barrels per day from global supply, pushing Brent above $100. This exceeds prior disruptions like the Gulf War, reshaping the economics of Dune’s asset, though reservoir outcomes remain uncertain.
The independent valuation’s base-case price assumption is now 50% below current market levels, potentially increasing the block’s net present value if higher prices sustain.