Saudi Arabia Sets Record Premium for Flagship Crude as Hormuz Crisis Deepens

Saudi Arabia has hiked the price of its flagship Arab Light crude loading for Asia in May to a record-high premium over the Middle Eastern benchmarks as the de facto closure of the Strait of Hormuz upends oil flows and roils markets and prices. Aramco, the Saudi state oil giant, has raised the price of Arab Light that would be going to Asia next month to a premium of $19.50 above the average Oman/Dubai benchmark, off which supply to Asia is typically priced, Bloomberg reported on Monday, citing a price list it has seen. The premium is the highest…