Saudi Arabia Hikes Asian Oil Prices as Iran War Roils Market

Saudi Arabia raised the price of its main oil grade for buyers in Asia for April by the most since August 2022 as the widening Middle East conflict and effective closure of the Strait of Hormuz upended energy markets.

State oil producer Saudi Aramco will increase its flagship Arab Light crude by $2.50 a barrel for next month for Asian customers, according to a price list seen by Bloomberg. A poll of traders and refiners conducted prior to the start of the Iran war on Saturday had forecast a hike of 80 cents.