MUSCAT: The official price of Oman crude oil for May delivery climbed to a new record of $152.58 per barrel on Tuesday, extending a strong upward trend in global energy markets.

The latest price marks an increase of $4.79 compared to Monday’s level of $147.79, underscoring sustained momentum in crude markets.

Despite the recent surge, the average price of Omani crude for March delivery stood at $62.17 per barrel, reflecting a modest increase of 8 cents compared to February’s average.

The sharp rise highlights ongoing volatility in global oil markets, driven by supply dynamics and shifting demand expectations.

Meanwhile, international oil prices rose by about 4% ​on Tuesday, clawing back some of the previous session's losses as Iranian attacks on the United Arab ‌Emirates rekindled supply fears while the Strait of Hormuz remains largely shut.

Brent crude futures jumped $3.52, or 3.5%, to $103.73 a barrel by 08:50 GMT while US West Texas Intermediate (WTI) crude gained $3.79, or 4.1%, to $97.29.

In the previous session, Brent settled 2.8% down while US WTI lost 5.3% after some ​vessels sailed through the critical Strait of Hormuz waterway.

The US-Israeli war on Iran is in its third week with ​no end in sight. Iran renewed attacks on the United Arab Emirates. Operations at the Shah ⁠gas field remained suspended after a drone attack while a fresh attack caused a fire at Fujairah port, where loading by ​state oil company ADNOC has been halted.

Fujairah, located on the Sea of Oman just outside the Strait of Hormuz, is a ​critical exit point for oil volumes equivalent to roughly 1% of global demand.

Meanwhile, the disruption to shipping through the Strait of Hormuz — a vital gateway for about 20% of the world's oil and liquefied natural gas trade — has raised concerns about supply shortages, higher energy costs ​and rising inflation. — Agencies

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