[Iran Conflict Disrupts Pricing System: Saudi Aramco Crude Oil Premium May Soar to $40, Asian Buyers Push for Alternative Benchmarks] BlockBeats News, March 30 — The Iran war has thrown Saudi crude oil's conventional pricing into disarray. As oil prices surge, anxious Asian buyers are attempting to steer the country toward alternative supply pricing mechanisms. Saudi Aramco is finalizing the cost of oil shipments for May, with the price list expected to reach buyers in the coming days. According to traders, based on regional benchmark pricing, the premium for its flagship Arab Light crude oil is anticipated to soar to an unprecedented level of around $40 per barrel, compared to just $2.50 per barrel in April. Saudi Aramco's monthly contract prices are typically set as a differential relative to a base benchmark, which consists of the Dubai price assessed by S&P Global Platts and Oman crude oil futures traded on the Dubai Mercantile Exchange. Traders noted that some Asian refiners have already requested Saudi Aramco to link its crude oil to Brent futures, though other alternative proposals have also been suggested. These include using oil prices from the Shanghai Futures Exchange, with deductions for transportation and other related costs, or even referencing other crude oils such as Upper Zakum from the UAE. Refinery traders who regularly import crude oil from Saudi Arabia stated that negotiations between Saudi Aramco and its customers are still ongoing, with no final pricing decision yet made. They added that if the premium level is set at around $40 per barrel, it could lead to reduced procurement volumes. (Jin10)