Oman Crude Falls to $94.25 as Brent Records Sharpest Weekly Decline Since 2020

Oman crude oil prices declined by 33 cents to $94.25 per barrel on Monday, November 9, 2026, compared with $94.58 on Friday, reflecting broader weakness in international energy markets.

Global benchmark Brent crude fell by more than 17% during the previous week, reaching approximately $97 per barrel. The decline, the steepest since the COVID-19 pandemic in 2020, came amid expectations of a recovery in Middle Eastern oil exports.

According to energy market data, crude shipments through the Strait of Hormuz recovered to approximately 10.3 million barrels per day in October, in comparison to 13.5 million barrels per day. Including alternative export routes through Saudi Arabia and the UAE, regional exports reached 16.6 million barrels per day, approaching the earlier average of 17 million barrels per day.

Meanwhile, global crude production climbed to 85 million barrels per day in October, exceeding the five-year average of 83 million barrels per day. Increased production from the United States, Brazil and Canada has added to concerns about a potential oversupply in international markets.

Growing competition among Middle Eastern producers has also contributed to pricing pressures. Saudi Arabia reduced its December Arab Light crude pricing for Asian buyers by $2 per barrel, while Oman's premium over the Dubai benchmark declined sharply from $34 per barrel in September to less than $1 in early November before recovering slightly.

Despite improving export volumes, the global oil market continues to face challenges from elevated shipping costs, constrained refining capacity and uncertain demand. Tanker freight costs have risen to approximately $30 per barrel, compared with around $5 before the conflict.

The developments highlight a changing global energy market in which supply recovery, pricing competitiveness and logistical efficiency are becoming increasingly important for oil-producing economies, including Oman.

https://www.omanobserver.om/article/1199361/business/markets/oman-crude-prices-drop-as-brent-tumbles-17-last-week