Oman crude touches $80, highest in four years

Muscat: Oman Crude was traded on Monday at Dubai Mercantile Exchange for $80.02 (November delivery), an increase of $1.98 from the previous day, the highest since 2014 when lower prices led to major economic uncertainties.

Oil prices surged ahead of Washington's plan to impose new sanctions on Iran, while senior traders and banks expected oil to exceed the price of $ 90 a barrel in the coming months.

Brent crude futures were up $79.82 a barrel, up $1.02, while US crude futures rose 82 cents to $71.61 a barrel.

There are predictions that the Brent could rise to $90 per barrel and could exceed $100 in early 2019 when the markets will be hit by short supply due to US sanctions against Iran.

The two companies expect the sanctions to lead to a loss of 1.5 million barrels per day.