
Oman crude oil price climbs to $72.17 per barrel
However, the monthly average price for Omani crude in July fell to $63.62 per barrel, marking a $4.25 decline compared to June's average.
Meanwhile, international oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production while uncertainty over US tariffs loomed in the background.
Brent crude futures gained 10 cents, or 0.1%, to $70.42 a barrel by 1057 GMT. US West Texas Intermediate crude was up 15 cents, or 0.2%, to $68.65 a barrel.
After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia.
A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack.
Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining oil prices have prompted US producers to slow activity. — Agencies
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Observer
7 hours ago
- Observer
Tickmill partners with ProTrade Investments to expand its presence in Oman
Muscat - Tickmill has announced the expansion of its services in Oman, in collaboration with its strategic partner, ProTrade Investments. This expansion marks a significant milestone in Tickmill's commitment to strengthening its presence in the Middle East and providing tailored financial services to traders across the Arab world. The new operation in Muscat will serve as a regional hub, offering localized support, education, and expertise to clients in Oman and surrounding markets. The partnership with ProTrade Investments, a leading financial services provider in the Arab world with over nine years of experience, brings together two companies that share a vision for accessible, client-first trading services. Known for its exceptional 24/7 customer support and a humane approach to financial services, ProTrade is led by Ahmed Al-Moussawi, a seasoned expert in international financial markets. The headquarters at PoTrade's new office in Muscat, located on the first floor of Office 1991, Al Ghubrah Street, will officially open its doors on July 25, 2025.'The expansion of our services into Oman represents more than just geographical growth,' said Sudhanshu Agarwal, CEO of Tickmill. 'It is a testament to our long-term commitment to the Arab world and our strategic vision to empower local traders with world-class tools, education, and support. Partnering with ProTrade Investments enables us to combine global expertise with expert local insight.'Ahmed Al-Moussawi, CEO and founder of ProTrade added, 'We are proud to join forces with Tickmill to offer Omani traders a new level of professionalism and transparency. Our new joint operation in Muscat will serve as a vital resource for anyone seeking reliable, regulated access to global financial markets.'Tickmill, founded in 2014, is recognized globally for its transparency, innovation, and high standards of client fund protection. The company operates under the oversight of several prestigious regulators, including the UK's Financial Conduct Authority (FCA), CySEC in Cyprus, and the FSA in Seychelles. It is also recognized by the Dubai Financial Services Authority (DFSA) as a Representative Office. Backed by a team of seasoned traders with experience dating back to the 1980s, Tickmill continues to build trust with clients worldwide. The official opening on July 24 will include a launch event featuring leadership from both companies, special guests, and key members of the local trading community. For more information about Tickmill and its services, please visit


Muscat Daily
8 hours ago
- Muscat Daily
Ittin's "Nova" event blends tourism and culture, with youth-led creativity
Salalah – The Dhofar Khareef season continues to serve as a dynamic platform for empowering Omani youth, encouraging them to showcase their talents, strengthen their entrepreneurial skills, and engage with the freelance economy. One standout initiative this year is the 'Nova' event, held at the Ittin Plain in Salalah. Running through August 31, Nova has become a key tourist and entertainment attraction for the 2025 season, offering a variety of cultural and recreational experiences for visitors of all ages. Weam bint Bakhit al Kathiri, founder of the project, says that 'Nova' features a diverse mix of commercial and leisure activities. Among its highlights are an 8-meter-high 'Giant Moon' installation, an open-air theater, amusement rides, and a dedicated area for mobile food vendors. Co-founder Hamoud bin Ali Al Sulaimi noted that the concept of Nova is to create an integrated carnival that elevates Dhofar's appeal as a vibrant monsoon destination. The event showcases a mix of Omani and Arab brands and offers a platform for local entrepreneurs and productive families to present their goods to both domestic and international visitors. Ali bin Hassan al Balushi, owner of the 'Qand' project at Nova, emphasized the unique youth-driven approach to the event's planning and operations. 'The success of Nova reflects the dedication of young Omanis who independently organized and managed the event, helping attract large crowds this season,' he said. Al Balushi stressed the importance of continued financial and logistical support for youth-led initiatives like Nova, citing their value in enriching the tourism and economic landscape of the governorate. Youth entrepreneurship initiatives such as Nova not only enhance Dhofar's tourism offering during the monsoon season but also provide sustainable economic and social opportunities. These efforts demonstrate the increasing contribution of Omani youth to the tourism sector and reflect the broader development goals of the Sultanate of Oman under its national vision.


Observer
9 hours ago
- Observer
Oman oil price reaches $70.52 per barrel
MUSCAT: The official price of Oman oil for September delivery on Wednesday reached $70.52. The price of Oman oil decreased by 18 cents compared to Tuesday's price of $70.70. 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 for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.05 a barrel as of 11:19 GMT. US West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.78 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. 'The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment', said an analyst. — Agencies MUSCAT: The official price of Oman oil for September delivery on Wednesday reached $70.52. The price of Oman oil decreased by 18 cents compared to Tuesday's price of $70.70. 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 for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement. Brent crude futures were down 50 cents, or 0.7%, at $68.05 a barrel as of 11:19 GMT. US West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.78 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs. US President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that included a 15% tariff on US imports from Japan. 'The slide (in prices) of the past three sessions appears to have abated but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment', said an analyst. — Agencies