Muscat - The price of Oman crude for June delivery on Tuesday reached $99. 26
The price of Omani oil witnessed a decrease of $7. 25 compared to Tuesday's price of $92.01, while Brent Crude dropped by 0.2 percent to $98.29 a barrel
Oil prices fell, and stocks were mixed on Wednesday as investors assessed the chances of US-Iran peace talks after Donald Trump extended his ceasefire at the eleventh hour but kept his blockade of the Strait of Hormuz in place.
Traders have been struggling to find direction this week after Tehran said Friday it would allow ships through the Strait of Hormuz, which it had effectively closed since war began on February 28 -- before pulling back a day later, citing the US blockade and seizure of a ship.
Trump has similarly accused Tehran of violating the ceasefire by harassing vessels in the waterway, the transit passage for about one-fifth of global oil.
The developments sent crude swinging wildly, though it has held below $100, while equity markets have been less volatile on lingering optimism that the two sides will eventually reach a deal to end the seven-week conflict that has hit the global economy.
"With markets surging amid optimism that the war is soon going to end, and the Hormuz Strait to open, markets are now more cautious," wrote Fawad Razaqzada, an analyst at FOREX.com.
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