The Oman Cude rose to $124.68 on Monday for delivery in May, up $24.37 from Friday's closing price of at $100.31 for delivery next May.
The monthly average price of Omani crude oil for delivery in March reached US$62.17 per barrel, an increase of 8 cents compared to the price for delivery in February
Brent crude
The price of oil has risen above $100 for the first time in years amid the ongoing conflict in Iran.
The price of Brent crude, the benchmark for Europe, rose by almost19% to nearly $111 per barrel (159 litres) in early trading.
Earlier, at the start of trading in Chicago, the West TexasIntermediate (WTI) grade, which is the benchmark in the US, hadjumped above the $100 mark - a price level last seen in 2022.
On Friday afternoon, Brent crude oil for delivery in May was tradingat over $90 for the first time since April 2024. Before the start ofthe Iran war just over a week ago, the price was still around $70 perbarrel. Fuel prices have also risen significantly since then.
Fears of a prolonged blockade of the Strait of Hormuz remain adominant concern for the oil market. Since the US-Israeli attacks onIran, hardly any ships have passed through the strait in the Gulf.
In peacetime, around a fifth of the world's oil trade is transported through this strait. It is also very important for the transport ofliquefied gas, for example from Qatar.
US President Donald Trump, for whom rising fuel prices could become aproblem in view of the important midterm elections later this year, tried to shift the focus to the long-term development.
"Short term oil prices, which will drop rapidly when the destructionof the Iran nuclear threat is over, are a very small price to pay for the USA. and World, Safety and Peace," Trump said in a post on hisTruth Social platform.
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