Oman Crude trades at $85.93 amid war escalation
Published: 08:03 AM,Mar 04,2026 | EDITED : 12:03 PM,Mar 04,2026
The official price of Oman crude oil for delivery in April reached $85.93 on Wednesday, an increase of $3.84 compared to yesterday’s price of $82.09.
Oil prices rose 3% on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz.
Brent rose $2.67, or 3.3%, to $84.07 a barrel by 0659 GMT, after closing on Tuesday at its highest since January 2025.
Iran’s Revolutionary Guards said Wednesday they had “complete control” of the crucial Strait of Hormuz as the war engulfing the Middle East continued into its fifth day.
The Revolutionary Guards said Iranian forces had “complete control” of the Strait of Hormuz, a vital route for world oil and gas supplies, and any vessels seeking to pass risked damage from missiles or stray drones.