Key facts
- Oil prices stabilized after Oman confirmed normal operations at its Mina al Fahal port.
- Operations were previously reported as suspended following an explosion near the port's mooring berths.
- Brent crude futures rose 0.06% to $95.09 a barrel.
- U.S. West Texas Intermediate crude was up 0.16% to $93.19 a barrel.
- Both benchmarks are on track for their first weekly gain in three weeks.
Oil prices stabilized after Oman announced that operations at its Mina al Fahal port were proceeding normally, following earlier reports of a suspension due to an explosion near the terminal's mooring berths. Petroleum Development Oman confirmed that operations were unaffected. Oman exports between 800,000 and 900,000 barrels per day of crude from the terminal. Brent crude futures rose 0.06% to $95.09 a barrel, and U.S. West Texas Intermediate crude was up 0.15% to $93.19 a barrel. Both contracts are on track for their first weekly gain in three weeks, with Brent up 4.2% and WTI around 6.7%. The rise was attributed to flared fighting in the Middle East and ongoing U.S.-Iran peace talks, which have limited traffic in the Strait of Hormuz. Commerzbank analysts noted that Brent's gains have been capped by higher-than-expected oil inventories, rerouted exports, and falling demand. OPEC Secretary General Haitham Al Ghais reiterated the organization's oil demand growth forecast of 1.2 million barrels per day for the year. IG market analyst Tony Sycamore noted that optimism remains clouded by conflicting headlines.