Saudi Arabia raised its main crude oil prices for Asian buyers to the highest premium level, reflecting pressure in global energy markets.
Saudi Aramco set its Arab Light price for May delivery at a premium of around $19.50 a barrel to regional benchmarks.
The increase came after serious disruptions in the Strait of Hormuz affected oil flows from the Persian Gulf. Tensions involving the US, Israel and Iran have disrupted supplies, pushing up global oil prices.
Brent crude oil prices rose more than 50%, while fuel prices in the US, Europe and Asia also surged. The developments show the direct impact of supply disruptions on global energy markets.
Meanwhile, OPEC+ agreed to increase oil production for a second consecutive month. The group plans to add around 206,000 barrels per day from May to stabilize the market.
However, OPEC+ warned that damage to energy infrastructure caused by the conflict could prolong market uncertainty.
Disruptions to maritime routes and energy facilities are expected to continue to increase volatility and put pressure on global supplies.
