Oman oil price drops by $5.45 to $86.41

Muscat: The official price of Oman oil, for delivery in next October, settled at $86.41 per barrel on Wednesday. Oman oil price recorded a decrease of $5.45 US compared to Tuesday's price of $91.86.

It is worth noting that the monthly average price of Oman crude oil for delivery in August 2026 amounted to $79.09, a decline of $22.91 compared to the delivery price for last July.

Meanwhile in Tokyo, oil prices also dropped about 2%, extending losses from the previous session, as renewed hopes that the Strait of Hormuz could reopen emerged after Iran said it had resumed talks with Oman on managing the strategic waterway.

Brent crude futures fell $1.78, or 2.0%, to $86.80 a barrel, while US West Texas Intermediate (WTI) crude futures were down $1.49, or 1.8%, at $80.87. Both benchmarks lost more than 3% on ‌Tuesday.