Saudi Arabia Raises Oil Prices to Record Premium Amid Strait of Hormuz Tensions

On April 6, as Iran nearly closed the Strait of Hormuz, restricting regional energy transport, and the uncertainty surrounding the duration of the conflict unsettled the market, Saudi Arabia raised its crude oil prices for Asia by $17 per barrel compared to last month, reaching a record premium over the Oman/Dubai average. Saudi Aramco set the official selling price for its Arab Light crude oil for May at a premium of $19.50 per barrel over the Oman/Dubai average, an increase of $17 per barrel from the previous month.

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