Amid the continued rally in oil prices, Saudi Aramco raised its official selling price for crude exported to Asia, with its flagship Arab Light cargos for March up by $0.60 per barrel to a total $2.80 per barrel premium over the benchmark.
According to Bloomberg, this is the highest price for Arab Light since March 2020, just before the pandemic struck, devastating demand and with it, prices.
Oil prices right now are at the highest in years, with Brent crude touching $94 per barrel in Asian trading today and West Texas Intermediate trading at over $92 per barrel for the first time since 2014.
This week, however, reports that the United States and Iran might be nearing a deal on Iran’s nuclear program and U.S. sanctions caused fluctuations in oil prices. If Iran sanctions…
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