Saudi Arabia Oil Price Talks Take on Added Urgency as Deadline Nears

The Iran war has thrown conventional pricing for Saudi Arabian crude into disarray, with tense buyers in Asia seeking to steer the kingdom toward alternative mechanisms for supplies as oil prices soar, according to traders familiar with the matter.

State producer Saudi Aramco is in the process of finalizing the cost of its oil for May-loading, with the price list poised to be delivered to buyers within days. Based on the usual pricing measure off regional benchmarks, the premium for flagship Arab Light is set to spike to an unprecedented level of about $40 a barrel, the traders said. That compares with $2.50 for April.