Oman oil price jumps by $8.13 to $89.12 per barrel

Muscat: Oil prices extended a strong rally with the official price of Oman crude for October delivery settling $8.13 higher at $89.12 per barrel on Tuesday compared to the price of on Monday which stood at $80.99 per barrel.

It is worth noting that the monthly average price of Oman crude oil for August delivery stood at $79.09 per barrel, declining by $22.91 from the July delivery price.

Analyst says this may be due to uncertainty over when the Strait of Hormuz may reopen and getting the global flow of crude going again.

Also, oil prices rose after US President Donald Trump scoffed at demands from Iran that the US pay for devastation caused by five months of war as one condition for reopening the strait.

Asian trade
Meanwhile in Singapore, oil prices held steady at their highest levels in more than a week on Tuesday, amid fading hopes of a deal between the US and Iran to end their war and reopen the Strait of Hormuz.

Brent crude futures settled at $87.81 a barrel, while US West Texas Intermediate (WTI) crude futures settled at $82.20 a barrel. Both benchmarks rose more than 5% on Monday to their highest levels since 31 July.