Oman crude surges to cross the $80 level
Muscat: Oman crude surged by $2.34 to cross the $80 per barrel mark on Tuesday.
It closed at $81.79 for September 2026 delivery.
Oil prices lost more than 1% on Tuesday as markets weighed reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.
Brent crude futures fell $1.21, or 1.4%, to $88.01 a barrel by 0815 GMT.
The front-month U.S. West Texas Intermediate crude contract, which expires on Tuesday, was down 94 cents, or 1.1%, at $82.29. The more active contract for September delivery dropped 95 cents, or 1.2%, to $81.53.
Yemen’s rebels said on Monday they would impose a naval blockade on Saudi Arabia, opening a potential new front against the U.S. in its war on Iran and raising the threat to global energy supplies and trade beyond the Gulf.
“The threats of a naval blockade on Saudi Arabia by the Houthis are significant because they raise the risk of disruption to another major oil exporter,” said Tim Waterer, chief market analyst at KCM Trade.
Meanwhile, U.S. crude oil stockpiles were expected to have fallen last week alongside gasoline, while distillate stocks likely rose, a preliminary Reuters poll showed on Monday.
