Capital of Al Batinah North, Oman; ancient Islamic port town
Oil prices have fallen after data showed Asia is set to import its highest monthly crude volume since the US–Iran war began, while traders continue to monitor UN‑level diplomacy and regional tensions. Brent has slipped near $102 a barrel and U.S. crude is trading in the low $90s as markets weigh rising Asian flows against Middle East risks.
Iran has escalated pressure to reopen the Strait of Hormuz, citing security needs amid a US-led blockade. Attacks on vessels have intensified while Tehran demands concessions before any reopening. Washington claims oil exports remain halted through the blockade, and mediators are seeking a breakthrough amid ongoing negotiations.
New data shows Iran’s crude exports have collapsed due to a US naval blockade, with offshore stockpiles dwindling and revenue from oil plummeting. Experts say the regime faces mounting economic strain as ships are turned back and sanctions tighten. Offshoots include limited LPG and jet-fuel transfers amid ongoing enforcement of the blockade.