[Saudi Arabia Lowers July Crude Oil Prices for Asia, But Premiums Remain at Decades-High Levels] According to a report by Jinse Finance, on June 8, Saudi Arabia reduced the official selling price of its main crude oil exports to Asia for the second consecutive month. However, the crude oil premium in this largest market remains near the highest levels in decades. Saudi Aramco lowered the price of its Arab Light crude oil destined for Asia next month by $6 per barrel, bringing the official premium over the Oman-Dubai average down to $9.50 per barrel. This reduction exceeds the $5 per barrel cut anticipated by refiners and traders. As negotiations between the U.S. and Iran to extend the ceasefire agreement have stalled, the global oil market continues to face disruptions due to the ongoing closure of the Strait of Hormuz. With tankers trapped in the Persian Gulf and empty vessels unable to enter to load new cargo, the Middle East has significantly reduced production, shut down oil fields, and slowed or halted refinery operations. (Jin10)