Saudi Arabia has raised the premium on oil prices to record high levels due to market disruptions caused by the war.

With Iran nearly blockading the Strait of Hormuz, causing disruptions in regional energy transportation, and the uncertainty of the duration of the conflict causing market volatility, Saudi Arabia has raised the prices of its main crude oil exports to Asia to a historic high. According to a price list, the state-owned oil producer Saudi Aramco has increased the premium for its flagship Arab Light crude oil sold to Asian refineries in May to $19.50 above the benchmark oil price. This increase is lower than the expected $40 premium per barrel by traders and refineries in a survey. Military actions by the United States and Israel against Iran have disrupted the global energy market.