Saudi Arabia slashes oil prices by largest margin since 2022 as China demand weakens

Saudi Arabia has implemented the largest oil price cuts since 2022 for Asian buyers, driven by weakening demand in China and a US-Iran deal easing supply tensions. These reductions aim to stabilize global markets and reduce crude oil price spikes. This shift in energy dynamics may impact refining margins, potentially ease inflation, and benefit risk assets like cryptocurrencies, while possibly accelerating the process of energy tokenization across the global economy.