Saudi oil prices hit record

The price hike comes as the closure of the Strait of Hormuz forces refiners to seek alternative sources of energy, giving Saudi Arabia unprecedented leverage in the market.

Meanwhile, Indian refiners have delayed routine maintenance to ensure adequate domestic fuel supplies amid the crisis.

Global energy flows face further uncertainty as President Trump threatens to target Iranian oil wells and desalination plants.

Analysts warn that these record premiums will likely lead to higher costs for consumers across Asia and Europe.