According to CoinMeta, Saudi Aramco, the national oil company of Saudi Arabia, announced a reduction in the main crude oil prices for Asia. The price of Arab Light crude oil, which is scheduled to be delivered next month, has been lowered by 50 cents per barrel to $2 below the regional benchmark price. Meanwhile, parties are negotiating an agreement aimed at alleviating the shipping pressures in the Strait of Hormuz. Despite the threats posed by Houthi militants endangering alternative routes for transporting crude oil eastward via the Red Sea, Saudi Arabia has still chosen to lower the prices. The global benchmark Brent crude oil price has fallen significantly this week, with current trading prices approaching $80 per barrel.