Oman crude continues to hit new highs, crosses $160

Muscat - The official price of Oman crude oil for May delivery was traded at $160.20 on Monday.

The price of Omani oil today witnessed an increase of $2. 26, compared to last Friday's price of $157. 94.

The monthly average price of Omani crude oil for delivery this March reached $62.17 per barrel, an increase of 8 cents compared to the price for delivery last February.

Global oil prices rose on Monday after the United States and Israel warned at the weekend that the war against Iran -- which has disrupted oil deliveries through the Strait of Hormuz -- would continue for several more weeks.
The price of West Texas Intermediate (WTI), the US crude benchmark, for May delivery climbed to just over $100 a barrel during early Monday trading.
North Sea Brent crude was up more than one percent at $113.90 per barrel.
- IEA chief issues warnings -International Energy Agency chief Fatih Birol warned on Monday that the global economy is under “major threat” from the energy crisis caused by the Middle East war, adding that “no country will be immune” to its effects.
At least 40 energy assets across nine countries in the region were “severely” damaged due to the war, Birol added.