MUSCAT: The official price of Oman crude oil for November delivery rose $3.61 to $132.09 per barrel on Wednesday, compared with $128.48 in the previous session.
The monthly average price of Oman crude for September delivery stood at $76.36 per barrel, down $2.73 from the August delivery price.
International oil prices, meanwhile, edged lower after reports that Saudi Arabia was offering additional cargoes through the Sultanate of Oman eased concerns over the scale of supply disruptions in the Middle East.
Brent crude futures fell 59 cents, or 0.54 per cent, to $108.16 a barrel by 0926 GMT, while US West Texas Intermediate crude declined $1.20, or 1.13 per cent, to $104.63.
Oil prices had settled more than $3 higher in the previous session after shipping industry sources said crude loadings at Saudi Arabia’s Red Sea export terminal of Yanbu had been suspended. Riyadh had also cancelled some cargo deliveries to European customers, raising fears that disruption to the critical export route could persist for several weeks.
However, Saudi Arabia is offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Sohar Port after drone attacks damaged a key pipeline supplying its Red Sea facilities, according to people familiar with the matter.
“News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing,” UBS analyst Giovanni Staunovo said.
Visible vessel movements through the Strait of Hormuz remained subdued, with four transits recorded on Tuesday, down from seven a day earlier and well below the 10-day average of 18.
The strategic waterway handled about one-fifth of global oil and liquefied natural gas supplies before the US-Israeli war on Iran began in late February.
Macquarie analysts said flows of crude oil, condensate and refined products through the strait had remained resilient despite escalating regional hostilities. They estimated flows may have exceeded 7.5 million barrels per day since fighting resumed on August 30.
Tight fuel supplies continued to support diesel prices. European gasoil futures, a benchmark for diesel, reached their highest intraday level since April on Tuesday, reflecting reduced Middle Eastern supplies and disruptions at Russian refineries. — Agencies
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