Muscat: Brent crude futures rose by $1.41, or 1.41 percent, to reach $101.47 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained $1.12, or 1.18 percent, to settle at $95.93 per barrel. Prices had surged by more than three percent during early trading before easing slightly later in the session.
Despite the rebound, both major crude benchmarks are still on track to record a weekly decline of nearly six percent amid fluctuating geopolitical developments and market uncertainty.
Meanwhile, the official price of Omani crude oil for delivery in July stood at $97.06 per barrel on Friday, marking an increase of 42 cents compared to Thursday’s price of $96.64.
Read More
- At Em Sherif Oman, Lebanese dining becomes an experience of memory, beauty, and occasion
- World Bank sees stronger outlook for Oman despite regional risks
- Oil rebounds as Middle East peace hopes face uncertainty
- Gold holds firm near weekly high amid US-Iran peace talks
- Oman Investment Bank confirms Mohamed Al Habsi as CEO
Market data also showed that the average price of Omani crude oil for delivery in May reached $124.05 per barrel, reflecting a sharp increase of $55.90 compared to the delivery price recorded in April.
