EL7.AI
CommoditiesMediumUpdated×8•Originally published 17 March 2026•Updated 19 March 2026•
1 min read

Oman Oil Surges Above $150 as Buyers Scramble for Barrels Outside Strait of Hormuz

Key Facts

1Oman oil prices soared above $150 per barrel as buyers rushed to replace supplies trapped in the Gulf.
2The closure of the Strait of Hormuz has caused a major dislocation between global benchmarks and the cost of physical supplies.
3Omani crude is seen as a primary alternative as it is loaded outside the blocked Strait of Hormuz.

Oman crude oil prices remained stable above $150 per barrel as the Strait of Hormuz blockade continues to drive demand for alternative loading points. Brent crude surged 7% to reach $114 per barrel, widening its spread against WTI to an 11-year high of $18. However, markets are currently 'trading blind' due to a scarcity of precise data regarding damaged energy infrastructure targets. The rapid pace of shifting battlefield conditions has triggered irregular price gyrations, leaving investors struggling to price in the full extent of the disruptions. Jeffrey Currie of The Carlyle Group noted that the market is still underestimating the supply shock resulting from the regional conflict. Consequently, seaborne crude markets face intensifying stress as participants navigate extreme volatility and a lack of reliable information.