Oman Crude Gains Favor Amid Strait of Hormuz Shipping Risks

Oman's crude oil is gaining favor among Asian refiners due to concerns over shipping risks through the Strait of Hormuz. According to S&P Global Platts, refinery industry sources who attended APPEC 2026 in Singapore reported that Oman Export Blend is becoming Asia's preferred medium-sour crude.

The Omani supply has a significant advantage for Asian end-users seeking to secure adequate volumes of medium-sour grades because it has direct access to the Indian Ocean for voyages to the Far East without passing through the Strait of Hormuz. China has been the dominant buyer of Oman crude, but competition is likely to intensify among other Asian buyers as several regional refiners seek to secure larger term volumes.

The price gap between Gulf crude and oil outside the waterway has also opened up due to an uncertain security situation around the Strait of Hormuz. As a result, Oman crude extended its gains on Wednesday, rising 2.8% to settle at $132.09 a barrel.