Oil rises as Saudi Arabia hikes Arab Light crude prices for Asia

Oil rose after Saudi Arabia raised its official selling prices for its benchmark Arab Light crude for Asian buyers. The move reinforced market confidence that it can absorb additional OPEC+ barrels, Bloomberg reports.

WTI is currently hovering around $67.6 per barrel after reaching $68.3 yesterday. Meanwhile, Brent is trading near $69.3, following a climb to $69.9 in the previous session.

Saudi Aramco's decision to raise the price for Arab Light crude by $1 to $2.20 per barrel more than the regional benchmark in August has partially offset pressure from OPEC+'s plans to accelerate production increases. The alliance aims to boost output by 548,000 barrels per day as early as next month. As Saxo Bank's Ole Hansen notes, this signals physical market stability, though such resilience may prove temporary.

Meanwhile, the US decision to delay tariffs on Japanese and South Korean goods, originally set for July 9 but now pushed to August 1, has provided modest support to near-term oil demand forecasts. However, persistent uncertainty continues to weigh on crude prices, Bloomberg says.