State oil producer Saudi Aramco will increase flagship Arab Light crude prices for May sales to a premium of US$19.50 over the benchmark for refiners in Asia, according to a price list seen by Bloomberg. That’s less than the US$40 a barrel premium expectation of traders and refiners in a Bloomberg survey. The US and Israeli war against Iran has upended global energy markets with the Islamic Republic effectively shutting the vital Strait of Hormuz and choking off its neighbours’ supples out of the Persian Gulf. Brent crude has jumped by more than 50%, and prices of fuels from the US to Europe and Asia have spiked.

Source: The Edge Markets April 06, 2026 06:49 UTC