Aramco Slashes Asian Crude Prices to Six-Year Low

Saudi Aramco has reduced its official selling price for benchmark crude to Asian buyers, marking a six-year low. This move comes as Brent crude dropped more than 2% intraday to $97.45 per barrel, while WTI fell nearly 2% to $86.81. Both oil benchmarks continued their decline on October 6, 2026.

The price adjustment reflects heightened competition among Persian Gulf oil producers vying for market share in Asia. Shipments through the Strait of Hormuz are on the rise as exporters in the Middle East intensify their price competition.

Oil markets have been under pressure, with Brent and WTI extending their losses. The Strait of Hormuz remains a critical choke point for global oil supply, and increased activity there underscores the strategic importance of the region in the current market dynamics.