🛢️ Global Oil Prices Edge Down as Oman Clarifies Port Operations

• Market Updates: Global oil benchmarks dipped slightly on Friday after Oman confirmed that operations at its Mina al Fahal port are proceeding normally, dismissing earlier reports of a loading suspension due to an explosion. • Price Movements: Brent crude futures fell 24 cents (0.25%) to $94.79 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 56 cents (0.6%) to $92.48 a barrel. Despite daily losses, both contracts are on track for their first weekly gain in three weeks, with WTI up over 6% for the week. • Supply & Geopolitical Risks: Oman exports 800,000 to 900,000 barrels per day from the terminal. While daily prices eased, broader market risks remain skewed to the upside due to limited traffic in the vital Strait of Hormuz and ongoing Middle East tensions. Analysts warn that falling global oil inventories could trigger a price spike in Q3. • Global Demand Outlook: OPEC is maintaining its global oil demand growth forecast at 1.2 million barrels per day for the year. Meanwhile, weaker demand in China continues to cap major price surges, even as a U.S. naval blockade has cut Iranian oil exports to a six-year low. _Note: Sri Lanka is highly sensitive to global fuel price fluctuations as an oil-importing nation, making these global supply-chain stabilize-and-spike trends critical for national energy costs._