Saudi Arabia reduced August official selling prices for its main crude grades to Asian buyers by the largest amount in at least 26 years. Saudi Aramco cut the price of Arab Light by $11 a barrel, taking it to a $1.50-a-barrel discount versus the regional benchmark. The move came as shipping through the Hormuz Strait resumed, Middle East supply recovered, and OPEC+ planned another output increase in August, adding to oversupply concerns highlighted by JPMorgan, Goldman Sachs, and Citigroup.