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Houthi Attack Restricts Shipping in Bab el-Mandeb, Saudi Arabia Raises Oil Price to Record Premium

2 hours ago

April 6 — Saudi Arabia hiked its official selling price (OSP) for its key crude grade to Asia by $17 per barrel month-over-month, setting a record premium over the Oman/Dubai average, amid regional energy shipment disruptions from Iran’s near-closure of the Strait of Hormuz and market volatility driven by uncertainty over the conflict’s duration. Saudi Aramco, the kingdom’s state oil giant, set the OSP for Arab Light crude for May delivery to Asia at a $19.50/bbl premium to the Oman/Dubai average — a $17/bbl jump from the prior month’s level.
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