MUSCAT — The official price of Oman crude for May delivery surged by $13 on Thursday to reach $166.96 per barrel, as escalating regional tensions and supply concerns sent global oil markets sharply higher.
The increase comes against the backdrop of heightened conflict in the region, including reported strikes by Iran on major oil refining facilities, raising fears of significant disruptions to energy supply chains across the Gulf.
Market sentiment has also been shaken by growing instability in the Strait of Hormuz, a critical global oil transit route through which nearly 20 per cent of the world’s crude passes.
