Muscat: Oil prices increased today on uncertainty over the reopening of the Strait of Hormuz. Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel, while US West Texas Intermediate (WTI) crude futures rose 61 cents, or 0.78% to $78.79 a barrel. Both benchmarks had fallen more than 7% last week on hopes that Iran and Oman were nearing an agreement that would lead to the reopening of the Strait of Hormuz, through which one-fifth of the world's oil passed before the war.
According to Oman News Agency, the recent price increase follows a week of declining oil prices, driven by optimism surrounding potential negotiations between Iran and Oman. The negotiations were expected to facilitate the reopening of the Strait of Hormuz, a critical chokepoint in global oil transportation. However, the uncertainty surrounding these talks has now led to the rise in oil prices, reflecting market concerns over the ongoing situation.
