Oman crude price surges to six-month high

23 Apr 2019

crudeThe price of crude in Oman surged to almost a six-month high, following news of the Trump administration not renewing Iran oil waivers once they expire in May.

A statement released by the Dubai Mercantile Exchange (DME) revealed that on Monday, Oman crude price increased 3.4%, or US$2.42 to close at US$73.51 per barrel.

As Bloomberg reports, US Secretary of State Mike Pompeo said that the Trump administration will not grant any exemptions on Iran oil waivers – while the US, Saudi Arabia and the UAE will make certain to provide an ‘appropriate supply’ of oil.

Meanwhile, Brent oil in London surged 3.3%, climbing to the highest intraday price seen since early November before trading at almost US$74 per barrel.