logo

Oman oil price rises $2.84 to reach $75.84 per barrel

Zawya5 days ago
MUSCAT: The official price of Oman oil for September delivery reached $75.84 on Wednesday. The price of Oman oil on Wednesday increased by $2.84 compared to Tuesday's price of $73.
The monthly average price of Omani crude oil for July delivery reached $63.62 per barrel, a decrease of $4.25 compared to the price for June delivery.
Meanwhile, international oil prices fell nearly 1% on Wednesday as investors awaited developments on US President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil.
The most active Brent crude futures lost 68 cents, or 0.95%, to $71.13 a barrel by 1103 GMT while US West Texas Intermediate crude slipped by 70 cents, or 1%, to $68.66.
The Brent crude September contract that expires on Wednesday was down 69 cents, or 0.95%, at $71.82. Both contracts had settled on Tuesday at their highest since June 20.
2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

IHC delivers strong first half of year with Dh10.8bn net profit
IHC delivers strong first half of year with Dh10.8bn net profit

The National

time4 minutes ago

  • The National

IHC delivers strong first half of year with Dh10.8bn net profit

International Holding Company, the UAE's most valuable listed company, posted Dh54.7 billion ($14.89 billion) worth of revenue and Dh10.8 billion in group net profit in the first half of 2025, driven by the "disciplined execution of strategic investments and a high performing second quarter". This marks a 31.1 per cent rise in revenue from Dh41.7 billion in the corresponding period of 2024, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded. The global investment company also posted a 55.3 per cent per cent jump in second-quarter net profit to Dh6.7 billion. Key contributors to this term's top-line growth and margin expansion included real estate, marine and dredging, hospitality and leisure, along with financial services, the company said. 'Our first half results reflect the continued strength of IHC's diversified model and the disciplined execution of our strategic investment agenda,' Syed Shueb, chief executive of IHC, said. 'By delivering outstanding portfolio performance and enhancing operating leverage, we are unlocking value across sectors while deepening our impact across regional and international markets.' The Abu Dhabi-headquartered conglomerate is a frontline company in the emirate's push to diversify its non-oil business sectors and has grown rapidly to become one of the most valuable listed holding companies in the broader Middle East and North Africa region. IHC has been on an investment spree, buying businesses as well as acquiring fast-growing companies over the past few years in the UAE as well as in markets across continents. IHC delivered multiple strategic initiatives across key sectors, including the launch of Gridora, a national infrastructure platform in partnership with Abu Dhabi's state holding company ADQ and Modon for the development of new infrastructure projects in the UAE and markets around the globe. Our first half results reflect the continued strength of IHC's diversified model and the disciplined execution of our strategic investment agenda Syed Shueb, chief executive, IHC It also unveiled RIQ, a $1 billion global reinsurance platform, developed in partnership with the world's biggest asset manager BlackRock and Lunate. The company also established a new holding company 2PointZero with more than $27 billion in assets in January 2024. It also pioneered a UAE dirham-backed stablecoin in collaboration with ADQ and First Abu Dhabi Bank. Real estate and construction contributed significantly to IHC's revenue, delivering Dh22.6 billion, up 47.8 per cent year on year. This was driven by the ongoing demand for inventory and the launch of new development projects, which contributed 41.4 per cent of total revenue, the company said. Marine and dredging posted Dh14.1 billion in revenue, a 10.1 per cent annual increase, indicating greater project activity and international expansion, IHC said. Hospitality and leisure achieved a 72 per cent increase at Dh4.9 billion. In May, IHC said that it aims to double its asset base to Dh800 billion and hit the Dh200 billion annual revenue mark by the end of the decade, driven by its acquisition spree, according to Mr Shueb. The company, whose board is chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, is keen to expand its portfolio of assets in the US, India and fast-growing economies in the Central Asian region. It also unveiled a homegrown online market place for artificial intelligence that provides access to key AI hardware and software. The Saif platform – introduced at the Make it in the Emirates summit in Abu Dhabi – is being billed as the 'first-ever Emirati AI marketplace agent' and allows local and overseas developers to directly buy graphics processing units, AI modules and AI stack designs to create large language models, IHC said. Founded in 1999, IHC operates through more than 1,300 subsidiaries and aims to expand and diversify its holdings in sectors including asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services. Some of the companies under its umbrella include Abu Dhabi's biggest listed developer Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group.

Gulf Business gears up for debut Saudi summit on 3 September
Gulf Business gears up for debut Saudi summit on 3 September

Gulf Business

time4 minutes ago

  • Gulf Business

Gulf Business gears up for debut Saudi summit on 3 September

Gulf Business is set to host its first-ever event in Saudi Arabia with the launch of the Saudi Business and Investment Summit, taking place on September 3, 2025, at the Sheraton Riyadh Hotel & Towers. As the Kingdom accelerates its economic transformation under Vision 2030, the summit will gather influential voices from government, private enterprise, and global institutions to explore the key drivers behind Saudi Arabia's sustained growth. The event is designed to serve as a strategic platform for dialogue, knowledge exchange, and high-level networking around the evolving opportunities in the Saudi market. Register to attend : View the full agenda : Themed 'Saudi Rising: Key Driving Forces behind the Kingdom's Economic Growth', the half-day summit will highlight the role of innovation, public-private collaboration, regulatory reform, and sector-specific investment in positioning Saudi Arabia as a globally competitive economy. Attendees can expect an event filled with expert-led panels, keynote sessions, and fireside conversations with some of the most influential names shaping the Saudi's business arena. Confirmed speakers include Charbel Sarkis, country director, Google Saudi Arabia; Michael Champion, CEO, Tahaluf; Saud Adham, director of policy & innovation, Ministry of Culture, Saudi Arabia; Turki Alsubaihi, CEO Public Transport, SAPTC; and Main Canaan, general manager, GE Aerospace Middle East, and many more. The summit agenda is anchored in actionable insights and real-world case studies that explore how businesses—local and international—can navigate and capitalise on Saudi Arabia's rapid transformation. From localisation and market entry to strategic partnerships and digitalisation, the discussions will cover key themes relevant to any business aiming to operate or expand within Saudi Arabia. This milestone summit marks an expansion of Gulf Business ' regional footprint and reinforces its commitment to supporting economic dialogue and business intelligence across the GCC. For partnership and sponsorship enquiries, contact Manish Chopra at .

Trump threatens higher tariffs over oil trade with Russia
Trump threatens higher tariffs over oil trade with Russia

Arabian Post

time6 minutes ago

  • Arabian Post

Trump threatens higher tariffs over oil trade with Russia

Arabian Post Staff -Dubai US President Donald Trump has announced plans to significantly raise tariffs on exports from India, citing the country's oil purchases from Russia as the primary reason for the move. The statement marks an escalation in tensions between the two countries, with both sides having clashed over trade policies and geopolitical issues in recent years. Trump's remarks, made on social media, have ignited a strong response from New Delhi, which views the threat as unjustified and damaging to its economic interests. The US President criticized India's ongoing imports of Russian crude oil, calling the move a betrayal, as the West intensifies efforts to isolate Moscow over its invasion of Ukraine. He pointed out that India's purchases were then being resold on the international market for profits, further compounding the situation. ADVERTISEMENT The US government has consistently condemned the sale of Russian oil to countries that are still buying from Moscow amid global sanctions designed to cripple the Russian economy. These sanctions, which were imposed by the US and its allies in response to Russia's aggressive actions in Ukraine, have led to a complex diplomatic web, with several nations, including India, caught in the middle. While the US and European Union have significantly reduced their oil imports from Russia, countries like India and China have stepped in to fill the gap, buying discounted crude oil from Moscow. India, in particular, has ramped up its purchases of Russian energy, a decision that is seen by many as a strategic move to secure energy resources at lower costs. These purchases have helped India maintain its economic growth amidst the energy price crisis exacerbated by the war in Ukraine. The announcement by Trump that tariffs on Indian goods would be substantially raised could have serious repercussions for trade between the two nations. India is one of the United States' largest trading partners, and any significant tariffs would undoubtedly affect a range of industries, from agriculture to technology. In 2022, the bilateral trade between the two countries surpassed $150 billion, with India exporting a wide array of goods to the US, including textiles, chemicals, and pharmaceuticals. The Indian government, however, has rejected Trump's claims, arguing that its oil purchases from Russia are in line with its energy security needs and do not violate any international laws. New Delhi has maintained a neutral stance on the war in Ukraine, calling for dialogue and diplomacy to resolve the crisis rather than escalating sanctions and pressure on Russia. India's position reflects a broader strategy of balancing its foreign relations with both the West and Russia. While it maintains strong ties with the US and Europe, it also values its long-standing relationship with Russia, particularly in defense and energy sectors. Over the years, Russia has been a reliable supplier of defense equipment to India, a factor that continues to shape India's foreign policy decisions. ADVERTISEMENT The economic impact of higher tariffs could have a ripple effect on both countries' economies. India could face higher costs for its exports to the US, which might lead to inflationary pressures within certain sectors. For the US, such tariffs could result in higher prices for American consumers on imported goods, potentially exacerbating inflation at a time when the country is already grappling with economic challenges. The political fallout from Trump's threat to raise tariffs could further complicate efforts to resolve trade disputes between the US and India. Both nations have been working on strengthening their strategic and economic ties, but issues like tariffs and energy trade could undermine this progress. Negotiations over trade deals, such as the proposed free trade agreement, may now face significant hurdles as both sides dig in their heels. The decision to increase tariffs on India could also have wider implications for the global economy. It might set a precedent for other nations to retaliate against countries purchasing Russian oil, particularly those in the Global South who have not been willing to fully sever their economic ties with Moscow. This could potentially fragment the global energy market even further, making it harder for countries to secure stable and affordable energy supplies. This development highlights the growing division between the US-led West and countries that have opted to remain neutral or continue engaging with Russia. As the war in Ukraine shows no sign of abating, the economic and diplomatic repercussions of these decisions are likely to continue shaping global relations for the foreseeable future.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store