Business

Oman crude surges to $127.62 following suspension of Hormuz talks

Published: 09:09 AM,Sep 14,2026 | EDITED : 01:09 PM,Sep 14,2026

 

The price of Oman crude increased by $5.73 to $127.62 for November delivery at the close of Monday's trading. The average monthly price for October was $87.84
Brent climbed almost 3% as new strikes on Saudi Arabia and on ships in the Gulf strained nerves, after an attack on a Saudi oil pipeline, while a meeting in Oman between Iran and Gulf Arab states, scheduled for Monday to discuss a ⁠deal on opening the Strait of Hormuz, was postponed.
Brent futures were last up 2.5% at $107.18 a barrel, having gained almost 9% last week. Prices ​for diesel, gasoline and jet fuel are all far higher than they were before the war, meaning a direct hit for consumers.

Brent crude oil futures rose past $100 a barrel on Wednesday, hitting a more than six-week high and breaching the symbolic threshold for the first time since July 24.

Amid the outbreak of the U.S.–Iran conflict and acute shipping disruptions in the Strait of Hormuz, Oman crude prices surpassed $153.12 per barrel by March 18, 2026.

The highest price since the war outbreak on February 28 was $166.96 per barrel in March 2026 for the May delivery contract while the lowest was registered on June 25, 2026 for August delivery sharply pulled back due to international market cool-offs and early optimization talks.