Saudi Arabia is set to slash August crude prices for Asia by up to $8 a barrel as the Strait of Hormuz reopens and Gulf supply rebounds.

Saudi Arabia is set to slash August crude prices for Asia by up to $8 a barrel as the Strait of Hormuz reopens and Gulf supply rebounds.

Crude oil prices experienced a significant drop, heading for steep weekly losses as tanker traffic through the Strait of Hormuz increased, easing supply worries. This comes after…