Saudi Arabia lowers Asian crude oil prices to $9.50 per barrel at a premium

Saudi Aramco has lowered the price of Arab light crude oil sold to Asia in July by $6 per barrel, with a premium of $9.50 per barrel, lower than the market's expected $5 per barrel decline. The closure of the Strait of Hormuz has led to a reduction in production in the Middle East and affected the global oil market.