Oman Oil Price Surges to $121.68 as US-Iran Tensions Escalate

The official price of Oman oil for delivery in November has risen to its highest level since April, reaching $121.68 per barrel on Wednesday.

This increase is a result of escalating tensions between the US and Iran, leading to concerns over oil supply from the Middle East.

In Asia, trading oil prices climbed more than $1 in early trading, with Brent crude futures rising 1.6% to $99.49 per barrel and US West Texas Intermediate (WTI) crude gaining 1.72% to $94.63 per barrel.

Norbert Rücker, Head Economics and Next Generation Research at Julius Baer, stated that the ongoing clashes in the Middle East have lifted oil prices beyond $95 per barrel and supply fears are at odds with the market's surprisingly stable workings.