Muscat: Oman crude oil prices fell sharply below the $100 per barrel mark on April 8, 2026, reflecting a broader decline in global oil markets following geopolitical developments in the Middle East.

According to the latest data from Gulf Mercantile Exchange (GME), the marker price for June 2026 Oman crude oil futures contract stood at $99.06 per barrel, marking a significant drop of $20.25 compared to the previous session.

The decline comes after US President Donald Trump announced a two-week ceasefire agreement with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz — a critical chokepoint through which nearly 20 per cent of global oil supply passes.

Global benchmarks mirrored the downturn, with Brent crude futures falling by $15.02, or 13.8 per cent, to $94.25 per barrel, while US West Texas Intermediate (WTI) dropped $17.43, or 15.4 per cent, to $95.52 per barrel. European diesel prices also recorded steep losses, declining by 17.8 per cent.

The sharp correction follows heightened volatility in recent days, during which Oman crude had surged above the $100 threshold. On April 7, the marker price stood at $119.31 per barrel, supported by supply concerns linked to tensions around the Strait of Hormuz.

Analysts indicate that the easing of geopolitical risks has triggered a rapid unwinding of risk premiums in oil markets, leading to the steep price correction. However, they caution that market sentiment remains fragile and closely tied to developments in the region.

Historically, Oman crude has shown sensitivity to geopolitical events. Prices previously crossed the $100 mark during periods of global disruption, including the Russia-Ukraine conflict in 2022, before retreating amid economic slowdown concerns.

2026 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).