Saudi Arabia has again lowered the price of its main crude grade for Asian buyers, following a drop in oil prices driven by expectations of a possible agreement to increase tanker traffic through the Strait of Hormuz. The move was reported by OilPrice.com on August 8, 2026.

Read also: Shipping Industry Pushes Back Against Proposed Hormuz Transit Fees

Saudi Aramco will reduce the September official selling price for Arab Light by 50 cents per barrel, bringing it to a $2 discount against the regional benchmark. The adjustment comes as Iran indicated that talks with Oman on a shipping route through Hormuz are in their final stages. Brent crude has fallen to roughly $80 per barrel, a decline of about 20% over two weeks, as traders anticipate that more Persian Gulf supply could soon reach global markets.

Despite the optimism, Saudi exports via Hormuz remain limited, and earlier efforts to increase traffic were disrupted by renewed hostilities and attacks on vessels. Aramco has kept exports near 5 million barrels per day, according to chief executive Amin Nasser, which is about 70% of normal volumes. The kingdom has leaned heavily on the Red Sea port of Yanbu to maintain crude flows while its main Gulf terminal at Ras Tanura operates below typical export levels.

However, threats from Houthi forces near Bab el-Mandeb have made the Red Sea route unattractive, prompting Aramco to consider moving cargoes through Egypt’s SUMED pipeline and loading them at Sidi Kerir on the Mediterranean. This rerouting is not without complications. Asian refiners had already pressed Saudi Arabia for discounts to compensate for the longer voyage around Africa and higher shipping costs.

Aramco raised prices for some Medium and Heavy grades destined for Asia, although those barrels typically depart from the Persian Gulf, making the pricing largely theoretical until shipping conditions improve. In contrast, the company cut prices for all grades headed to the United States, Northwest Europe, and the Mediterranean.

Source: IndexBox Market Intelligence Platform