By Anthony Harrup
Saudi Arabia raised its official selling prices for crude oil in April to all regions as the conflict in the Middle East keeps tankers from transiting the Strait of Hormuz, pushing crude futures to near two-year highs.
State-owned oil company Saudi Aramco set the official selling price for April loadings of its flagship Arab Light crude to Asia at $2.50 a barrel over Oman/Dubai, up from parity in March. Prices for other grades sold to Asia were raised by $2.00 a barrel.
Aramco also lifted prices for all crude grades sold to customers in the U.S., Northwest Europe and the Mediterranean.
Crude futures have risen sharply this week after the U.S. and Israel launched strikes against Iran, and Iran responding with missile and drone attacks against Israel and other Gulf countries, including Saudi Arabia.
International benchmark Brent crude settled up 4.9% Thursday at $85.41 a barrel, its highest level since July 2024. U.S. West Texas Intermediate crude posted its largest one-day percentage gain since May 2020, rising 8.5% to $81.01 a barrel, also the highest close since July 2024.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
03-05-26 1612ET
