Oman Crude surges in line with global trends

Muscat: The official price of Oman crude on Friday touched $116. 77 for December delivery.

The price of Oman oil witnessed an increase of two US dollars and two years compared to the price of Yesterday, Thursday, which amounted to $114. 75.

The monthly average price of Omani crude oil for delivery in October was $87.84 per barrel—an increase of $11.48 compared to the price for delivery in September.

Globally, oil prices rose further Friday, as hostilities across the Middle East continue to raise fears in the energy markets that the oil supply from the region would remain throttled.

The price of Brent crude, the international oil benchmark, rose to $116.72 a barrel Friday, taking its increase for the week to 6.2%, its biggest weekly rise in two months.

Brent prices have risen 60% since the United States and Israel launched attacks on Iran on Feb. 28 and are now at their highest level since April, and close to their highest levels since the war began.

WTI, the U.S. benchmark, topped $103 a barrel Friday, up more than 50% since the start of the war.

Investors have grown increasingly wary over the Trump administration’s war in Iran, discounting the likelihood that the conflict will be resolved soon. The price of Brent is expected to remain above $100 through April, according to futures contracts Friday.

Attacks have escalated in the Middle East, particularly on ships in the Strait of Hormuz, the vital waterway through which roughly a fifth of the world’s oil supply was shipped before the war.
The Ansar Allah attacked an airport in Saudi Arabia this week, killing two people and prompting the United States to withdraw some diplomatic staff.

Strikes on energy vessels in the Middle East this month are at the highest level since the war began, based on data from Deutsche Bank.
The conflict has drastically slowed oil supplies leaving the region. Oil shipments recovered somewhat in September but slumped again this month.