Wednesday 02 / September / 2026
Muscat: The official price of Oman oil, for delivery in next November, rose by $1.75 and settled at $101.56 on Wednesday.
It is worth noting that the monthly average price of Oman crude oil for delivery in September 2026 amounted to $76.36, marking a decline of $2.73 compared to the delivery price for August.
According to media report oil prices also rose by nearly 1% in early Asian trading on Wednesday, extending sharp gains from the previous session, as renewed US-Iran hostilities heightened fears of disruptions to crude supplies from the Middle East.
Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained 80 cents, or 0.89%, to $91.02 a barrel. Both benchmarks surged more than $4 on Tuesday, with Brent settling at its highest level since July 24 and WTI at its highest since July 23. Brent rose $4.16, or 4.6%, while WTI gained $4.46, or 5.2%.
The latest gains came after the United States and Iran exchanged strikes overnight, reviving concerns over the security of oil flows through the Strait of Hormuz and raising doubts about a quick de-escalation of the conflict.
Earlier, In its monthly report, Opec had cut its forecast for growth in global oil demand due to escalating trade disputes and sees further downside risk.
Opec has estimated that world oil demand will increase by 1.14 million bpd this year, 70,000bpd less than previously expected.
