Oil Jumps 10% As Saudis Raise Prices For First Time Since Price War

After slumping much of yesterday, Brent soared on Thursday morning, after Saudi Arabia stepped in to prop up the recovery in the energy market by raising crude prices for its customers worldwide. Saudi Aramco increased pricing for most of its grades for shipment in June. According to a price list seen by Bloomberg, Aramco raised its official selling price for flagship Arab Light crude to buyers in Asia by $1.40 a barrel, to a discount of $5.90 below the Middle East benchmark. The company was expected to reduce its official…