Saudi Aramco slashes Arab Light price by $11 as Asian market war ignites
Saudi Aramco announced an $11‑per‑barrel cut to Arab Light oil for Asian buyers in August, the deepest price reduction in 26 years. The move, tied to easing tensions in the Strait of Hormuz, signals a new price war to protect market share as global supply swells. Brent now hovers near $72 a barrel.