Oil rockets to three-month high, diesel surges past 2024 mark

Muscat: Brent crude futures climbed $2.84, or 3.7 percent, to settle at $79.76 a barrel, briefly crossing $80 a barrel. This marks the first time since October 7 that Brent has breached the milestone. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures followed suit, increasing by $2.65, or 3 per cent, to $76.57 a barrel, also hitting a three-month high.

U.S. low-sulfur diesel futures surged by an impressive 5.1 percent, closing at $105.07 a barrel, the highest level recorded since July 2024.