Oman oil price climbs to $93.38per barrel

MUSCAT: The official price of Oman crude oil for August delivery rose by $2.49 on Monday to reach $93.38 per barrel, compared with $90.89 recorded at the close of trading last Friday.
The increase came amid a broader rally in global oil markets, with crude prices rising more than 4 per cent following renewed geopolitical tensions in the Middle East.
Brent crude futures gained $4.02, or 4.3 per cent, to $97.11 a barrel, while US West Texas Intermediate crude advanced $3.90, or 4.3 per cent, to $94.44 during trading on Monday.
Market sentiment was supported by concerns over potential disruptions to energy supplies after renewed Israeli strikes on targets in Iran and escalating regional tensions. Analysts said uncertainty surrounding shipping routes and energy flows through the Strait of Hormuz continued to underpin oil prices.
According to market observers, restrictions affecting traffic through the strategic waterway have heightened concerns over global supply security. The Strait of Hormuz normally handles around one-fifth of the world’s daily oil and liquefied natural gas shipments.
The latest gains reversed losses recorded on Friday when hopes of a diplomatic breakthrough had briefly weighed on prices. Since the start of the regional conflict more than 100 days ago, Brent crude has risen by 34 per cent while WTI has gained 41 per cent.
Meanwhile, the average monthly price of Oman crude for June delivery stood at $104.73 per barrel, down $19.32 from the average price recorded for May delivery. — Agencies