Oman Oil Price Tops $101 as US-Iran Tensions Escalate

The price of Oman oil has reached $101.56 per barrel for delivery in November, an increase of $1.75 from the previous day. This rise is attributed to renewed US-Iran hostilities, which have heightened fears of disruptions to crude supplies from the Middle East.

Brent crude futures rose by 87 cents or 0.92% to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained 80 cents or 0.89% to $91.02 a barrel. These increases follow sharp gains from the previous session, with Brent settling at its highest level since July 24 and WTI at its highest since July 23.

The latest developments have led to concerns over the security of oil flows through the Strait of Hormuz and raised doubts about a quick de-escalation of the conflict. Opec had earlier cut its forecast for growth in global oil demand due to escalating trade disputes, estimating that world oil demand will increase by 1.14 million bpd this year, 70,000bpd less than previously expected.