Aramco Deepens Asia Oil Discount Ahead of Possible Hormuz Deal

AI Summary

Saudi Aramco has further cut the price of its Arab Light crude oil for Asian buyers by 50 cents per barrel as talks on a potential shipping deal through the Strait of Hormuz progress. Brent crude prices fell about 20% in two weeks amid expectations of increased tanker movement through the region.

Saudi Arabia cut the price of its flagship crude for Asian buyers again as hopes of a deal to move more tankers through the Strait of Hormuz pushed oil prices lower. Saudi Aramco will reduce the September official selling price for Arab Light by 50 cents per barrel, putting it at a $2 discount to the regional benchmark. The cut lands as Iran says an agreement with Oman on a shipping route through Hormuz is in its final stages. Brent crude has dropped to around $80 per barrel, down roughly 20% in two weeks, as traders bet that more Persian Gulf…