Oman Oil Price Plunges by Nearly $6 in One Day

The official price of Omani crude oil for delivery in June fell by $5.96 on Monday, April 7, 2025, settling at $64.56 per barrel, down from $70.52 per barrel recorded last Friday.

According to the official report, the monthly average price of Omani crude for delivery in April stood at $77.63 per barrel, marking a decline of $2.63 compared to the delivery price for March.

Sharp Decline in Global Oil Prices Amid Trade Concerns

On the global stage, oil prices fell by more than 3% in Monday’s trading, extending losses from last week. Analysts attribute the drop to the escalating trade tensions between the United States and China, which have raised fears of a potential economic recession that could dampen global oil demand.

In Monday’s trading, Brent crude futures dropped $2.28 (3.5%) to $63.30 per barrel, while West Texas Intermediate (WTI) crude futures declined $2.20 (3.6%) to $59.79 per barrel.