MUSCAT : The latest decline comes amid continued volatility in global energy markets as investors assess geopolitical tensions and the impact of fresh US sanctions targeting Iran.
The monthly average price of Oman crude for delivery in August stood at $79.09 per barrel, down $22.91 from the average price for July delivery.
Meanwhile, international oil prices edged higher earlier on Tuesday after falling by more than 2 per cent in the previous session.
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Brent crude futures gained 27 cents, or 0.3 per cent, to $92.44 a barrel, while US West Texas Intermediate (WTI) crude rose 37 cents, or 0.4 per cent, to $85.38 a barrel, as investors weighed the potential impact of expanded US sanctions on Iran and global oil supplies.
Both benchmark contracts had declined at Monday’s settlement, with US crude dropping to its lowest level in about a week as traders booked profits following strong gains over the previous two weeks.
Adding to concerns over global supply buffers, crude oil stocks in the US Strategic Petroleum Reserve fell by around 3.7 million barrels last week to 289.7 million barrels, their lowest level since November 1982, according to US Department of Energy data.
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