MUSCAT — The official price of Oman crude oil for May delivery rose to $134.75 per barrel on Thursday, an increase of $16.62 from the previous trading session, according to figures released by Oman News Agency.

Global oil prices have surged amid escalating tensions in the Middle East following the ongoing Iran-US-Israel war, which has heightened concerns about the security of energy supplies from the Gulf region.

Energy markets are closely watching developments around the Strait of Hormuz, a vital maritime corridor between Oman and Iran through which roughly a fifth of the world’s oil supply is transported each day. Any disruption to tanker traffic in the narrow waterway could have immediate repercussions for global oil markets.

Traders say fears that the conflict could widen and affect shipping routes have triggered a sharp rise in crude prices, with investors factoring in the risk of supply disruptions across the Gulf.