Saudi Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins.

Oil prices ticked up in early Asian trading on Thursday, steadying from a sell-off the previous day after Saudi Arabia's state oil company sharply raised March oil prices.

Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi Aramco said in a statement on Wednesday, Reuters reported. The oil exporter steeply increased crude prices for March shipments across all other regions as well.

The price of Saudi Aramco’s flagship Arab Light crude oil was raised by $2.40 per barrel to $3.90 per barrel for March over the benchmark, reaching its highest level since December 2023. The increase also saw its highest monthly increase since August 2022.

West Texas Intermediate (WTI) Oil price holds modest gains after three consecutive days of losses, trading around $71.10 per barrel during European trading hours on Thursday. This rebound in crude Oil prices comes after Saudi Arabia’s state Oil giant, Aramco, raised prices for Asian buyers.

State oil producer Saudi Aramco (TADAWUL:2222) has increased the price of its Arab Light oil to Asia for March by $2.40 a barrel. This adjustment, the largest since August 2022, surpasses the $2 increase that traders and refiners had anticipated,

Saudi Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins. Most

SAUDI Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins. Read more at The Business Times.