Saudi Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins.

Oil found some support Thursday from an increase in Saudi Arabia’s crude prices for Asian buyers, which implied strength in crude demand. But a hefty rise in last week’s U.S. supplies and uncertainty surrounding tariff disputes helped weaken the outlook for crude demand.

Crude futures found some support in early trade after Saudi Arabia lifted prices for March loadings of all crude grades it exports amid surging premiums for Middle Eastern oil. State-owned oil giant Aramco's flagship Arab Light crude to Asia,

The president says lower prices could solve a range of problems, but finds early resistance in the oil market.

Pakistan has signed an agreement with the Saudi Fund for Development to defer a $1.2 billion payment on the country's oil imports by one year

Oil prices edged up on Thursday after Saudi Arabia raised prices for March. However, the previous day’s decline in benchmark Brent prices was the largest in almost three months, and the increase was insignificant in comparison.

State oil producer Saudi Aramco (TADAWUL:2222) has increased the price of its Arab Light oil to Asia for March by $2.40 a barrel. This adjustment, the largest since August 2022, surpasses the $2 increase that traders and refiners had anticipated,