Muscat: The official price of Oman crude oil for July delivery reached $103.49 a barrel on Thursday.

According to Qatar News Agency, the price of Oman crude saw a significant increase of $11.10 compared with Wednesday's price of $92.39 a barrel. This rise marks a notable shift in the pricing dynamics of Omani crude oil.

The monthly average price of Omani crude oil for May delivery stood at $124.05 a barrel, reflecting an increase of $55.90 from the price for April delivery. This trend indicates a substantial surge in crude oil prices over recent months, signaling potential impacts on the global oil market and related economic sectors.