On June 8, Saudi Arabia cut the official selling price of its main crude oil to Asia for the second consecutive month, yet the crude oil premium in this largest market remains close to its highest level in decades. Saudi Aramco reduced the price of Arab Light crude oil for shipment to Asia next month by $6 per barrel, bringing its official price to a premium of $9.50 per barrel over the average of Oman and Dubai prices. This reduction is greater than the $5 per barrel decrease that refiners and traders had anticipated. As negotiations between the U.S. and Iran to extend the ceasefire agreement have stalled, the global oil market continues to be disrupted 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, production in the Middle East has been significantly cut, with oil fields shut down and refinery operations slowed or halted.