MUSCAT: The official price of Oman crude oil for September delivery rose by $1.28 on Tuesday, settling at $72.17 per barrel, up from $70.89 the previous day.
However, the monthly average price for Omani crude in July fell to $63.62 per barrel, marking a $4.25 decline compared to June’s average.
Meanwhile, international oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production while uncertainty over US tariffs loomed in the background.
Brent crude futures gained 10 cents, or 0.1%, to $70.42 a barrel by 1057 GMT. US West Texas Intermediate crude was up 15 cents, or 0.2%, to $68.65 a barrel.
After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia.
A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack.
Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining oil prices have prompted US producers to slow activity. — Agencies
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