Saudi Aramco has raised the price of crude oil sold to Asian customers in May to a record $19.50 per barrel, up from only $2.50 in April, a monthly increase of $17. In comparison, during the most intense times in 2022, this premium was less than $10.

This indicates that the current issue is no longer just ordinary price increases, but that the situation in the Middle East, transportation risks, and tight supply are all simultaneously reflected in crude oil prices. For Asia, this means that the cost of buying oil has significantly increased, and subsequently, gasoline, diesel, shipping, and inflation pressures may continue to rise.

In plain terms, unless the issues in the Strait of Hormuz are completely resolved, this high premium means that input inflation pressures in Asia will continue to rise, which is not good news for risk assets.

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