Saudi Aramco is offering prompt crude supplies through a series of unusual tenders as the effective closure of the Strait of Hormuz disrupts shipments, forcing crude to be rerouted via the Red Sea. According to traders with direct knowledge of the matter, the world's largest crude exporter is supplying three grades of oil—Arab Extra Light, Arab Heavy, and its flagship Arab Light—with a total volume recently reaching approximately 4.6 million barrels. The traders requested anonymity as they were not authorized to speak to the media. Saudi Aramco has not responded to requests for comment.

The spot market tenders reflect mounting market pressure. Saudi Arabia is unable to sell most of its oil through traditional channels, as it typically supplies crude only via long-term contracts. As a result, the kingdom is piping unprecedented volumes of crude to Yanbu on the Red Sea coast.

Ship-tracking data show that average daily crude shipments from Saudi Arabia's western terminals have surged to about 2.3 million barrels so far this month. This represents an increase of roughly 50% compared to any month since late 2016, according to the data.

Traders indicated that the offered prices in the tenders are higher than the official selling prices set for each grade in March. These official prices were established a month ago, well before the outbreak of the current Middle East conflict.