Commodities
Oman Crude Surges Amid Suspended Hormuz Talks
The price of Oman crude oil surged by $5.73 to $127.62 for November delivery, following the suspension of talks between Iran and Gulf Arab states in Oman on Monday.
The talks, which were aimed at reaching a deal on opening the Strait of Hormuz, were postponed, causing tensions to rise and Brent crude futures to jump 2.5% to $107.18 a barrel.
This is the highest price for Brent crude since July 24, when it hit $100 a barrel for the first time in six weeks.
The suspension of talks and increased tensions have led to a significant increase in prices for diesel, gasoline, and jet fuel, making them higher than before the war began on February 28.