PANews reported on April 6 that Saudi Arabia has significantly raised the price of its crude oil, primarily destined for Asia, by $17 per barrel, due to Iran's near-closure of the Strait of Hormuz, restricting regional energy transport, and increased market volatility caused by uncertainty surrounding the regional conflict. Saudi Aramco set its official selling price for Arab Light crude oil to Asia in May at a record high of $19.50 per barrel premium over the Oman/Dubai average.