India, April 6 -- Saudi Arabia has increased the price of its flagship crude oil to record levels for Asian buyers, highlighting growing pressure on global energy markets. The decision came as ongoing tensions in the Strait of Hormuz disrupted oil shipments and created uncertainty about future supplies.

Saudi Aramco, the state-owned energy giant, has set the price of its Arab Light crude for May shipments at a premium of $19.50 (Rs.1,814.27) per barrel above the regional benchmark. This marks the highest premium recorded so far, although it remained lower than the $40 level many traders had expected.

The price increase reflects rising demand from Asian refineries and reduced supply from the Gulf region due to disruptions in shipping rou...