Riyadh: Saudi Arabia has raised crude oil prices for Asian markets amid escalating geopolitical tensions and shipping disruptions in the Strait of Hormuz.

According to reports, state-owned Saudi Aramco has increased the official selling price of its flagship Arab Light crude. For May deliveries, the company is offering crude at a premium of $19.50 per barrel above the benchmark price for Asian refiners.

The price revision comes as regional instability intensifies following the conflict involving the United States and Israel against Iran. In response, Iran has reportedly closed the Strait of Hormuz, a critical global oil transit route, significantly disrupting maritime shipments.

Despite initial volatility, global crude oil prices have surged sharply, rising by over 50 percent amid supply concerns. The ongoing geopolitical tensions are expected to persist, prompting Saudi Arabia to adjust pricing strategies accordingly.

Meanwhile, the OPEC+ group has tentatively agreed to increase production by 206,000 barrels per day in May. However, sources indicate that several key members may struggle to meet this target due to the ongoing conflict.

Oil exports from major producers, including Saudi Arabia, the UAE, Kuwait, and Iraq, have been impacted. Missile and drone attacks have caused significant damage to critical infrastructure across the Gulf region.

Officials caution that even if hostilities subside and the Strait of Hormuz reopens promptly, restoring normal oil supply levels and meeting production targets will take considerable time.