Saudi Arabia raises Arab Light Asia premium to record $19.50
Business
Saudi Arabia just bumped up its Arab Light crude price to a record $19.50 premium for Asia, thanks to ongoing conflict disrupting the Strait of Hormuz, a key route for global oil.
This move is expected to push up costs for things like gasoline and flights, hitting wallets worldwide.
Oil above $100 after Trump threats
Oil prices have stayed above $100 per barrel since the conflict started.
On April 6, WTI hit $113.62 and Brent reached $110.30, with markets on edge after US President Trump threatened to strike Iranian power plants and bridges if the Strait of Hormuz is not reopened, a key route for global oil.