Saudis offer oil on spot market as war disrupts contracted flows, Bloomberg reports

#Oil
Saudi Aramco has reportedly offered prompt crude supply through a series of rare tenders, as the effective closure of the Strait of Hormuz traps shipments and forces a rerouting of flows via the Red Sea.
The world’s largest crude exporter offered three grades — Arab Extra Light, Arab Heavy and its flagship Arab Light, Bloomberg News reported.
It’s offered roughly 4.6 million barrels across the varieties in recent days, the report said, citing traders.
This action follows the effective closure of the Strait of Hormuz amid the Middle East crisis, which has trapped shipments and forced a rerouting of oil flows via the Red Sea.
Elsewhere, G7 finance ministers will discuss a possible joint release of petroleum from reserves coordinated by the International Energy Agency in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf, the Financial Times reported on Monday.