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🔥Strait of Hormuz transportation restrictions, Saudi Arabia raises oil prices to record-high premium levels
On April 6, as Iran nearly closed the Strait of Hormuz, restricting regional energy transportation, and market volatility increased due to uncertainty about the duration of the conflict, Saudi Arabia raised its main crude oil prices sold to Asia by $17 per barrel compared to last month, reaching a record high premium over Oman/Dubai prices. Saudi Aramco set the official selling price for its Arab Light crude oil sold to Asia in May at a premium of $19.50 per barrel over the Oman/Dubai average, up $17 per barrel from the previous month.