Key facts
- Oil prices fell after Oman reported normal operations at its Mina al Fahal port.
- Operations were previously suspended following an explosion near the port's mooring berths.
- Brent crude futures decreased by 0.53% to $94.53 a barrel.
- U.S. West Texas Intermediate crude was down 0.46% at $92.61 a barrel.
- Both benchmarks are still on track for their first weekly gain in three weeks.
Oil prices experienced a slight decline as Oman announced that operations at its Mina al Fahal port were proceeding normally, following an earlier report by Reuters that oil loadings had been suspended due to an explosion near the terminal's mooring berths. Brent crude futures fell by 50 cents, or 0.53%, to $94.53 a barrel, while U.S. West Texas Intermediate crude was down 43 cents, or 0.46%, at $92.61 a barrel. Despite this dip, both benchmarks are on track for their first weekly gain in three weeks, with Brent up 2.7% and WTI around 6%. This rise was attributed to heightened tensions in the Middle East and ongoing peace talks between the U.S. and Iran, which have limited traffic in the Strait of Hormuz, a critical oil transit route. Petroleum Development Oman confirmed the normal operations, despite the earlier reports of suspension. Oman exports between 800,000 and 900,000 barrels of crude per day from this terminal. Market analyst Tony Sycamore noted that optimism is clouded by conflicting headlines. OPEC Secretary General Haitham Al Ghais reiterated the organization's oil demand growth forecast of 1.2 million barrels per day for the year, unaffected by the Middle East conflict or potential Strait of Hormuz closures. Iranian oil exports have reportedly fallen to a six-year low due to U.S. naval blockades and weak demand from China.