The negotiations for shipping through the Strait of Hormuz are advancing, and Saudi Arabia has lowered the prices of crude oil for Asia.

According to the Zhitong Finance APP, Saudi Arabia has lowered its main crude oil prices sold to Asia. Meanwhile, negotiations are ongoing for an agreement aimed at alleviating shipping pressures in the Strait of Hormuz. However, the threats from Iran-backed Houthi militants to attack vessels continue to disrupt the Red Sea shipping lanes, putting Saudi Arabia's alternative oil export routes at risk.