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.
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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.
