(Maya Sidiqqui/Bloomberg)Key Takeaways: Saudi Aramco cut its Arab Light crude price for Asia by 50 cents a barrel for next month as Gulf oil shipments continue amid expectations of expanded Strait of Hormuz access. The price cut is significant because volatile Gulf oil flows and high shipping costs have complicated pricing, while Brent crude has fallen about 20% in two weeks. A potential Iran-Oman agreement could reopen Hormuz to more tanker traffic, allowing Saudi Arabia to increase exports from its main Gulf terminal. Saudi Arabia cut its main crude oil price as some Persian Gulf producers continue to send barrels through the Strait of Hormuz, ahead of a highly anticipated deal to further open the waterway. The monthly Saudi crude price has long been a benchmark for regional producers, setting the tone for the cost of oil delivered from the Persian Gulf to global refiners.