Saudi Arabia sets record crude premium amid Hormuz crisis. State-owned Saudi Aramco priced Arab Light crude for May at a record $19.50 per barrel premium for Asian buyers as geopolitical tensions disrupt global energy flows. The Strait of Hormuz, through which roughly one-fifth of global oil passes, faces significant disruption from regional conflict. Brent crude has surged over 50% while fuel prices spike across the US, Europe, and Asia. OPEC+ responded by increasing production quotas by 206,000 barrels daily but warned that infrastructure damage could prolong market instability. Saudi Aramco's CEO cautioned of catastrophic consequences if disruptions continue, citing 180 million barrels already lost and calling this the region's biggest energy crisis.
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