Saudi: Oil prices raised in all regions as crude prices surge

Saudi Arabia raised oil prices for all regions after crude surged following Russia’s military offensive in Ukraine to more than $115 a barrel.

State-controlled Saudi Aramco increased its Arab Light crude price for next month’s shipments to Asia to $4.95 a barrel above the benchmark it uses.

Many buyers are avoiding crude from Russia because of concerns they could breach sanctions, although the US and Europe have avoided directly penalising Moscow’s energy exports.

That is stretching an already tight market and forcing buyers to look for alternative supplies, including from the Middle East.

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