The situation in Hormuz eased the expected warming and Saudi Arabia reduced the price of Asian crude oil

On 6 August, Saudi Arabia reduced its main crude oil prices to Asia, while the parties were negotiating an agreement aimed at easing the pressure on shipping in the Strait of Hormuz. Although the threat from Al-Houthi forces endangered alternative routes for the transport of crude oil eastward through the Red Sea, the Saudi side reduced prices. A price schedule indicates that Saudi Aramco will reduce the price of Arab light crude oil to 50 cents per barrel for delivery to Asian customers next month to $2 per barrel lower than the regional benchmark price. A previous survey indicated that the traders expected Saudi Arabia and the United States to maintain the price of their flagship crude oil. This week, the global benchmark Brent crude oil prices have fallen significantly, with current trading prices approaching $80 per barrel. Kim Xian