World oil prices rise by 2% on supply woes

World oil prices rise by 2% on supply woes

Muscat: Global crude oil prices rose by more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, raising fears of a shortage in oil and gas supplies.

Brent crude futures rose $2.28, or 2.5 per cent, to $92.90 a barrel, after falling $1.38 in the previous session, while US West Texas Intermediate (WTI) crude futures rose by $2.22, or 2.6 per cent, to $86.16 a barrel.

Oman oil price

Oman oil price (November Delivery 2022) on Tuesday reached $92.84, comprising a rise by 24 cents from the price of Tuesday which stood at $92.60, on the Dubai Mercantile Exchange (DME).

The average price of Oman oil (September Delivery 2022) has stabilised at $103.21 per barrel, thus $9.72 per barrel lower than August Delivery 2022.

“Oil markets strongly rebounded in response to the Russian president's announcement regarding the conflict in Ukraine. The planned mobilisation of Russian troops could result in increasing tensions, disruptions in oil deliveries as well as new sanctions from Europe,” Wael Makarem, Senior Market Strategist – MENA at Exness, said to Times of Oman.

“This could add to the concerns around supply levels, possibly shifting attention away from the decreasing demand for a moment. Geopolitical tensions could