Aramco Slashes Asian Crude Price as Hormuz Deal Looms

Saudi Arabia's state-owned oil company, Aramco, has reduced the price of its flagship crude for Asian buyers by 50 cents per barrel. The September official selling price for Arab Light is now at a $2 discount to the regional benchmark.

This cut comes as Iran says an agreement with Oman on a shipping route through the Strait of 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 barrels may soon reach the market.

Aramco's exports through the Strait of Hormuz remain constrained, and previous attempts to boost traffic have run into renewed fighting and attacks on vessels. The company has kept its exports near 5 million barrels per day, about 70% of normal volumes, according to chief executive Amin Nasser.