Hormuz tensions ease expectations rise, Saudi Arabia lowers Asian crude prices

Odaily News, Saudi Arabia has cut its key crude oil prices for Asia, while negotiations are underway over a deal aimed at easing shipping pressure in the Strait of Hormuz. Despite threats from the Houthi militant group endangering alternative routes for shipping oil eastward via the Red Sea, Saudi Arabia has still lowered prices. According to a price list, Saudi state-owned oil giant Aramco will reduce the price of Arab Light crude for Asian customers by 50 cents per barrel next month, bringing it to a discount of $2 per barrel against the regional benchmark. A previous survey showed traders had expected Aramco to hold its flagship crude prices steady. This week, global benchmark Brent crude prices fell sharply and are currently trading near $80 per barrel.