US$100-a-barrel oil is already here for Saudi

Stability threat: An employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and terminal. Riyadh’s pricing strategy is stoking global inflationary pressures, potentially forcing central banks to keep interest rates higher for longer. — Reuters

IN the world of oil, there’s no such a thing as THE price. There are dozens of different measures, one for each variety of crude.

The financial market focuses on two: Brent and West Texas Intermediate (WTI), the grades traded in London and New York, respectively.