Oman's crude prices drop by $5.50 on Tuesday

Muscat - The price of Oman crude for June delivery on Tuesday reached $92.01

The price of Omani oil witnessed a decrease of $5. 50 compared to last Monday's price of $97. 51.

Global oil prices fell on Tuesday while stocks rose on lingering hopes for a deal to end the US-Iran war and reopen the Strait of Hormuz, even as Tehran said it had not decided whether to attend peace talks.
With the end of a two-week ceasefire approaching, the White House said Vice President JD Vance was ready to return to Pakistan for fresh negotiations to end a conflict that has sent crude soaring and revived inflation fears.
However, the Islamic Republic's position remained uncertain as it accused Washington of violating its fragile truce through its blockade of the country's ports and seizure of a ship.
Crude plunged on Friday after Tehran said it would allow ships to transit the Strait of Hormuz, which had been effectively closed since the war began on February 28.

But the commodity rebounded on Monday as Iran closed the waterway again, citing the blockade and seizure.  

Markets are again grappling with a rapidly shifting narrative in the region, as the past 48 hours have delivered both optimism and renewed concern. Late last week, sentiment improved sharply on signs that a resolution regarding the Strait of Hormuz could be near and that a deal was within reach.
That triggered a relief rally across equities and a sharp drop in oil. However, the breakdown in talks over the weekend has quickly reversed that narrative.