Saudi Arabia surprised the market by increasing oil prices for Asian buyers more than expected. According to a report by Bloomberg, Saudi Aramco raised the official selling price of its key Arab Light crude to Asia by 90 cents per barrel, putting it at a $2.20 premium over the regional benchmark. This was higher than the anticipated 65 cents per barrel increase.
In contrast, Saudi Aramco reduced the price of all grades to Europe and the US. This move by the state-owned oil producer caused a stir in the oil market, leading to a jump in oil prices last week due to escalating tensions in the Middle East.
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