Saudi Arabia cuts oil prices to record low

Saudi Arabia's state oil company, Saudi Aramco, has sharply reduced its oil export prices to Asia for August, setting a 25-year low, Bloomberg reported, citing company data.

The price of Arab Light crude for Asian buyers fell by $11 per barrel, bringing it $1.50 below the regional benchmark. The adjustment was significantly lower than market expectations, as traders had anticipated a reduction of only $8 per barrel.

On July 2, Saudi Arabia shipped its largest crude cargo through the Strait of Hormuz in four months, according to shipping tracking services.

Brent crude currently trades around $71.78 per barrel, down 28% from its recent peak above $100.