New Delhi, April 6 (IANS) Saudi Arabia on Monday increased the price of its flagship crude as state-owned Saudi Aramco has set the official selling price of its Arab Light crude for May shipments at a record premium of $19.50 per barrel over the regional benchmark for Asian buyers.

The steep hike comes as energy flows through the Strait of Hormuz face severe disruptions, according to reports.

The move follows heightened tensions linked to the ongoing conflict involving the US, Israel, and Iran, which has significantly impacted oil shipments from the Persian Gulf.

Reports indicated that Iran’s near closure of the key shipping route has effectively choked a major portion of global crude supplies, triggering sharp volatility in energy markets.

The turmoil has pushed international oil prices significantly higher. Brent crude has surged by more than 50 per cent in recent sessions, while fuel prices across major economies, including the US, Europe, and Asia, have also witnessed a steep rise.

Earlier in the day, international crude oil prices continued their upward trend, hovering near multi-month highs.

Brent crude futures rose over 2 per cent to trade above $111 per barrel, close to a 52-week high, while US West Texas Intermediate (WTI) crude climbed more than 3 per cent to around $115 per barrel.

The rally follows sharp gains in the previous session, when WTI surged over 11 per cent and Brent jumped nearly 8 per cent — marking their biggest single-day increases since 2020.

Analysts said crude oil remains a key driver for global markets, with supply concerns dominating sentiment.

According to market experts, US crude is currently trading in the $110–$112 range and faces a crucial resistance level near $115.

“Above Rs 10,500, the rally can extend toward Rs 10,650–Rs 10,800 and potentially higher,” an analyst stated.

“On the downside, Rs 10,300–Rs 10,270 is immediate support. If this breaks, prices can cool toward Rs 10,000. But overall, this is still a buy-on-dips market,” a market expert added.

–IANS

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