Saudi Arabia slashed Arab Light crude prices by $11 a barrel to $1.50 below a regional benchmark, marking its first discount since price wars in 2020 and 2015. West Texas Intermediate fell below $69 a barrel, while Brent neared $72, signaling market anxiety over oversupply. Saudi Aramco’s move, coupled with rising traffic through the Strait of Hormuz, amplifies fears of a global oil glut. The price cut risks triggering further supply surges, pressuring OPEC+ to act. Investors face uncertainty as demand lags amid economic slowdowns. Market volatility could deepen if production isn’t curtailed, impacting energy stocks and commodity markets.