Oman crude climbs to $93.22 as global oil prices rise

Muscat: The official price of Oman crude oil for October delivery rose to $93.22 per barrel on Wednesday, an increase of $3.06 from Tuesday’s price of $90.16.

The latest rise means Oman crude has gained $5.46 in two trading sessions, after settling at $87.76 on Monday. Tuesday’s official price had increased by $2.40.

Global oil futures also advanced around 0.6% on Wednesday, with US light crude trading at $85.48 per barrel and Brent crude at $91.62 per barrel.

Oil prices remain supported by concerns over Middle East supplies following the expiry of the interim peace arrangement without progress towards a permanent agreement. Uncertainty also continues over oil tanker traffic through the Strait of Hormuz. Oman Observer reported on Tuesday that shipping activity through the strategic waterway remained limited.

The monthly average price of Oman crude for August delivery stood at $79.09 per barrel, down $22.91 from the July delivery price.