Muscat: Brent crude futures dropped by $1.52, or 1.53 percent, to $98.06 per barrel, while US West Texas Intermediate (WTI) crude futures declined by $1.90, or 2.02 percent, to $91.99 per barrel.
The decline comes a day after oil prices rallied sharply following fresh US military strikes on Iran, which dampened earlier hopes of a possible agreement to end the ongoing conflict. Traders remain cautious as uncertainty surrounding diplomatic negotiations continues to weigh heavily on the energy market.
Meanwhile, the official price of Oman crude oil for July delivery stood at $92.39 per barrel today, marking a decrease of $3.18 compared to yesterday’s price of $95.57.
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Despite the latest drop, Oman crude has recorded significant gains overall. The monthly average price of Omani crude oil for delivery in May reached $124.05 per barrel.
