Commodities
Oman Crude Surges on Looming Fuel Oil Shortage
The price of Oman crude oil has surged to $104.54 per barrel for November delivery, marking an increase of $2.74 from Monday's trading session.
This comes as Brent crude oil prices rose by 1.1% to reach $97.37 a barrel, following last week's almost 8% surge.
Meanwhile, U.S. crude oil prices increased by 1.2% to $92.57 per barrel.
The sharp increase in oil prices is attributed to a looming shortage of fuel oil used in ships and power plants due to refiners being squeezed by wars that have disrupted both crude processing and tanker traffic.