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Saudi Aramco increases exports and shifts to spot pricing, adding to supply glut
Oil prices fell for a third straight session on Thursday, with Brent crude and WTI hitting four-month lows amid signs of improved traffic through the Strait of Hormuz. Brent crude futures dropped 1.4 percent to $70.60 a barrel, while WTI crude futures declined 1.5 percent to $67.53. Saudi Aramco has increased crude exports from the Ras Tanura terminal and shifted to spot pricing for some Asian sales following the interim peace agreement between Washington and Tehran. OPEC is planning to raise output targets by about 188,000 barrels per day from August, adding to supply pressure. UBS cut its 2026-27 Brent crude price forecast by $9 to $84 a barrel, citing rising energy shipments through the Strait of Hormuz.
Saudi Aramco increases exports and shifts to spot pricing, adding to supply glut