The price of Middle Eastern crude oil shipped outside the Persian Gulf rose to a high level since March as the market became increasingly concerned that the shortage of oil supply might return to the severe level at the beginning of the Middle East conflict. Following the temporary closure of a key Saudi oil pipeline due to last week's attacks, traders scrambled to find alternative supplies, and Oman crude oil futures rose to $132.09 per barrel. The premium from the international benchmark Brent crude oil jumped to nearly $24, the highest level since March. Because Oman is located outside the Strait of Hormuz, the country's crude oil is highly sought after. Abu Dhabi's Murban crude oil is another important benchmark crude oil delivered through pipelines outside the Persian Gulf. Currently, the transaction price is close to $124 per barrel, returning to the high level at the beginning of the US-Iran conflict.

The price of Middle Eastern crude oil shipped outside the Persian Gulf rose to a high level since March as the market became increasingly concerned that the shortage of oil supply might return to the severe level at the beginning of the Middle East conflict. Following the temporary closure of a key Saudi oil pipeline due to last week's attacks, traders scrambled to find alternative supplies, and Oman crude oil futures rose to $132.09 per barrel. The premium from the international benchmark Brent crude oil jumped to nearly $24, the highest level since March. Because Oman is located outside the Strait of Hormuz, the country's crude oil is highly sought after. Abu Dhabi's Murban crude oil is another important benchmark crude oil delivered through pipelines outside the Persian Gulf. Currently, the transaction price is close to $124 per barrel, returning to the high level at the beginning of the US-Iran conflict.