Oil prices steady after Oman denial

Global oil prices stabilized after Oman announced that operations at Ras Al Fahal Port are proceeding normally, despite reports of an explosion near the port and a suspension of oil loading. Brent crude prices edged up slightly to $95.09 per barrel, while West Texas Intermediate rose to $93.19 per barrel, reflecting positive momentum for weekly gains amid escalating fighting and market fluctuations driven by geopolitical tensions and oil inventory concerns. The Secretary-General of OPEC confirmed that global oil demand is expected to grow by 1.2 million barrels per day this year, despite economic and geopolitical challenges. Additionally, data showed Iranian oil exports have fallen to their lowest levels in six years due to US sanctions.

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