The official price of Oman crude oil for September delivery increased by $2.34 on Tuesday, reaching $81.79 per barrel, up from $79.45 in the previous trading session. This rise in Omani crude corresponded with gains in major international benchmarks amid investor scrutiny of ongoing diplomatic efforts and regional tensions.

Brent crude futures for September delivery advanced by 48 cents, or 0.5 percent, to $89.70 per barrel. Similarly, US Light Saudi crude rose 50 cents, or 0.6 percent, to $82.98 per barrel. These movements occurred as market participants weighed reports of renewed negotiations aimed at reducing hostilities between the United States and Iran. Reports indicated that mediators had suggested a 10-day ceasefire between the two countries, providing some optimism for regional stability despite continued military exchanges.

Despite this upward movement in September prices, the average official price of Omani crude for July delivery stood at $102 per barrel, which is $2.73 lower than the average price recorded in June. The fluctuations reflect ongoing uncertainties in the Middle East oil markets, where geopolitical developments continue to influence supply perceptions and market sentiment.

Overall, the crude oil market remains attentive to diplomatic progress between the US and Iran, while acknowledging the persistent risk posed by intermittent military confrontations in the region.