Muscat: Oman crude oil prices surged sharply on Thursday as global markets reacted to rising geopolitical tensions and supply disruptions in the Middle East.
Data from Gulf Mercantile Exchange (GME) showed that the marker price for the May 2026 Oman crude oil futures contract stood at $134.75 per barrel on March 12, 2026, reflecting a jump of $16.02. The surge comes amid heightened volatility in global oil markets.
Brent crude futures rose more than 10 per cent at one stage to reach highs of $101.59 per barrel, even after the International Energy Agency (IEA) agreed to release a record 400 million barrels of oil from strategic stockpiles in an attempt to ease the spike in prices.
Market tensions escalated after attacks on merchant vessels and energy infrastructure in the Gulf region, which have disrupted shipping routes through the Strait of Hormuz — a passage that handles around one-fifth of global oil trade. Analysts warn that prolonged disruptions could push crude prices significantly higher.
Iran has warned that the world should be prepared for oil prices potentially reaching $200 per barrel if tensions continue to intensify, further fuelling concerns over supply security and market stability.
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