Oman oil price rises above $101 a barrel amid renewed US-Iran fighting

Oman’s official oil price for delivery next November climbed $1.75 to settle at $101.56 a barrel on Wednesday, as renewed fighting between the United States and Iran raised fears over crude supplies from the Middle East.

Oil prices also extended their gains in early Asian trading. Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate futures gained 80 cents, or 0.89%, to $91.02.

Both benchmarks had surged by more than $4 in the previous session. Brent rose $4.16, or 4.6%, to its highest settlement since July 24, while WTI gained $4.46, or 5.2%, to its highest since July 23.

The latest increase followed overnight strikes exchanged by Washington and Tehran. The fighting revived concerns about the security of oil shipments through the Strait of Hormuz and cast doubt on a quick de-escalation of the conflict.

Oman’s monthly average crude price for September 2026 delivery stood at $76.36, down $2.73 from the August delivery price. In its monthly report, OPEC lowered its forecast for global oil-demand growth, estimating an increase of 1.14 million barrels per day this year, 70,000 barrels per day below its previous forecast.