The Economic Times

Why are Oman oil prices going at a premium amid the global supply crunch and Strait of Hormuz crisis

Oman oil prices are rising fast due to global supply shortage and war impact. The Strait of Hormuz crisis has blocked major oil routes, making available oil more valuable. Demand is high while supply is limited. Physical oil prices are much higher than normal. Markets are unstable as buyers struggle to secure oil quickly and transport it safely.