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
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Observer
2 hours ago
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The rental fraud plaguing Oman's property market
A concerning pattern of corruption has emerged within Oman's rental property sector, with fraudulent practices becoming so commonplace that they risk undermining the integrity of the entire real estate market. What began as isolated incidents has evolved into a systematic problem that exploits tenants, property owners and municipal authorities alike. The scope of the problem is worrying. The rental fraud scheme has infiltrated even established estate agencies across Oman, where some managers choose to look the other way rather than confront the illegal activities occurring under their noses. While these established firms may not officially endorse such practices, their passive tolerance allows the corruption to flourish unchecked. The most vulnerable parties in this web of deception are ordinary tenants seeking housing and property owners trying to rent their assets legitimately. Meanwhile, municipal authorities lose substantial revenue through systematic tax evasion, as perpetrators deliberately avoid the mandatory 3 per cent municipal duty required for new tenancy agreements. Here is how the scam works. The fraudulent scheme operates through a carefully orchestrated deception that exploits legal loopholes and preys on people's desire to save money. Here's how the scam typically unfolds. An individual establishes himself as an estate agent without properly registering his company — a clear violation of Omani commercial law. Operating in this legal grey area, the fraudulent agent targets both tenants and property owners with promises of financial savings. Here is the scammers pitch to the tenant. The fake agent approaches prospective tenants with an attractive proposition: accept a verbal agreement instead of a written tenancy contract and you can enjoy reduced rent. The agent explains that this arrangement allows the property owner to avoid municipal fees and legal documentation costs, savings that can be passed along to the tenant. Simultaneously, the fraudulent agent contacts the property owner with a different story. He claims that the best achievable rental rate is significantly lower than the property's actual market value, positioning himself as the intermediary who can secure the best possible rental income. In a typical example, a property worth RO 525 per month in rent becomes the centre of a three-way deception. The tenant pays RO 500 monthly, believing they're receiving a RO 25 discount. The owner receives only RO 450, thinking this represents the best available market rate. The fraudulent agent pockets the RO 50 difference in rental income while also collecting a 5 per cent commission (RO 25) from the owner, totalling RO 75 in unearned monthly profit. 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Despite Oman's deserved reputation for maintaining a well-organised and comprehensive legal framework, these fraudulent operators continue their activities with relative impunity. The gap between the country's robust legal infrastructure and the enforcement of regulations against these small-scale but systematic fraudsters represents a significant challenge to market integrity. The reluctance or inability to bring these cases before the Courts allows the perpetrators to operate without meaningful consequences, emboldening others to adopt similar tactics and perpetuating a cycle of corruption that undermines confidence in Oman's property and employment markets. This widespread fraud creates multiple layers of harm across Omani society. Tenants pay inflated rents while believing they're receiving discounts. Property owners receive below-market rates for their assets while paying unnecessary commissions. 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Most importantly, the legal system's capacity to process these cases efficiently must be strengthened to ensure that Oman's comprehensive legal framework translates into practical justice for fraud victims. The integrity of Oman's property market and its reputation as a reliable destination for international workers depend on swift and decisive action to address these systemic problems. Only through comprehensive reform and vigorous enforcement can the Sultanate of Oman restore confidence in its rental and employment sectors while protecting the interests of all legitimate market participants. The writer is Former School Principal Cambridge UK
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Oman Kite Festival 2025 wraps up with global participation
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