Oman crude futures jump to $111.44 per barrel

Muscat: Oman crude oil futures surged to $111.44 per barrel at the end of April trading, tracking a broader global rally that has pushed oil prices sharply higher.

Oil prices soared more than seven percent to a four-year high above $126 on Thursday after US President Donald Trump warned that a blockade of Iranian ports could last for months, while reports indicated he would be briefed on potential fresh military strikes. Although Tehran submitted a new proposal to reopen the Strait of Hormuz, a key global oil transit route, Washington reportedly remains unconvinced about Iran’s intentions.

According to data released by Gulf Mercantile Exchange (GME), the marker price for the June 2026 Oman crude oil futures contract stood at $104.87 per barrel on April 29, reflecting an increase of $1.46.

The following day, April 30, the market recorded a sharp rise, with the marker price climbing to $111.44 per barrel, up by $6.57 from the previous session.

Despite the late rally, the average monthly price for the June 2026 Oman crude oil futures contract was recorded at $104.73 per barrel.

The surge in prices reflects heightened geopolitical tensions and concerns over potential disruptions to global oil supplies, particularly through the Strait of Hormuz, a critical artery for energy shipments.