Surging oil prices approached 120 U.S. dollars a barrel on Monday amid escalating tensions in the Middle East following U.S. and Israeli strikes on Iran.
At the start of the week’s trading, international crude oil futures broke through 100 U.S. dollars a barrel for the first time since mid-2022.
By 16:00 Beijing time on Monday, West Texas Intermediate for April delivery hit a high of 119.48 U.S. dollars a barrel on the New York Mercantile Exchange before retreating to 102.4 U.S. dollars a barrel. Brent crude for May delivery hit a high of 119.5 U.S. dollars a barrel on the London ICE Futures Exchange before dropping back to 107.41 U.S. dollars a barrel.
Int'l oil prices surge as conflict in Middle East intensifies
Oman's Sultan Haitham bin Tariq Al Said met with visiting Iranian Foreign Minister Seyed Abbas Araghchi in Muscat on Sunday, and the two discussed regional situation and mediation efforts for ending the conflicts, the Omani Foreign Ministry said.
The Omani Sultan stressed that in dealing with various issues, dialog and diplomacy must be given priority in order to consolidate the foundation of peace.
He also shared Oman's views on advancing the mediation process, increasing the chances of reaching a sustainable political solution, and minimizing the impact of the conflict on people in the region.
Araghchi briefed the Omani Sultan on Iran's views on the current regional situation, and expressed his appreciation for Oman's role in promoting dialog and enhancing regional security and stability.
Araghchi arrived in Muscat on Saturday for talks with senior Omani officials on bilateral relations and regional developments, Iran's Foreign Ministry said.
The visit to Oman is the Iranian Foreign Minister's second stop on a regional tour that began Friday in Islamabad and will end in Russia.
Oman's Sultan meets visiting Iranian FM
