Monday 13 / July / 2026
MUSCAT: Oil prices jumped as Iran escalated its attacks on Gulf states in retaliation for US strikes, threatening energy shipments through the Strait of Hormuz.
The official price of Oman crude oil for delivery in September 2026 settled at USD 72.11 per barrel on Monday.
Today’s price recorded a rise of USD 2.82 from the price of last Friday which stood at USD 69.29.
It is noteworthy that the monthly average price of Oman crude oil for delivery in the current month of July stood at USD 102 per barrel, marking a decrease of USD 2.73 compared to the delivery price for last June.
Brent crude futures rose $2.34, or 3.08 percent, to $78.35 a barrel, while US West Texas Intermediate crude gained $2.21, or 3.09 percent, to $73.62 a barrel.
The escalation cast fresh doubt over the future of the interim US‑Iran agreement signed last month, which aimed to reopen the strait and end the war after 60 more days of negotiations.
Gold tumbles
Meanwhile, gold prices fell more than one percent at the start of Asian trading on Monday, as concerns over a potential closure of the Strait of Hormuz triggered a sharp spike in oil prices, reviving expectations of interest rate hikes to counter inflationary pressures.
Spot gold declined 1.2 percent to $4,072.78 per ounce, while US gold futures for August delivery dropped 0.8 percent to $4,081.70 per ounce.
Oil prices jumped nearly four percent, the dollar strengthened, and Asian equities retreated as fighting intensified in the Gulf region.
Fresh signals
Attention this week will focus on Federal Reserve Chair Kevin Warsh’s first semi‑annual testimony before Congress, along with key US economic data including consumer prices, producer prices and June retail sales, as investors seek fresh signals on the economy and the monetary policy path.
Gold traded at a significant discount in India last week due to price volatility, while demand in China remained stable after the People’s Bank of China announced its largest monthly increase in gold reserves in more than two and a half years in June.
Spot silver fell 1.6 percent to $58.89 per ounce, platinum declined 1.1 percent to $1,610.22 per ounce, and palladium dropped 1.3 percent to $1,260.15 per ounce.
