Dubai, Oman crude slide over 10%

April 1, 2026 (MLN): Middle East crude benchmarks witnessed a sharp decline on Tuesday, with Oman Crude Oil traded via the Gulf Mercantile Exchange at the Singapore MOC falling to around $107 per barrel, down over 13% on the day.

Similarly, Dubai Mo01 (NextGen MOC) assessed by S&P Global Commodity Insights dropped to nearly $109 per barrel, marked a decline of more than 10%.

The downturn in oil prices was primarily driven by improving geopolitical sentiment after Donald Trump indicated that U.S. military forces could potentially exit Iran within two to three weeks, showing a possible de-escalation in regional tensions.

The statement sparked a strong overnight rally in global financial markets, which in turn reduced safe-haven demand for crude oil and led traders to unwind the geopolitical risk premium that had built up in recent weeks.

Moreover, the decline was further supported by a technical correction following the recent surge in oil prices, as well as softer fundamentals in the Dubai crude market under the NextGen MOC mechanism, where increased selling interest and relatively subdued buying activity exerted additional pressure on prices.

Overall, the movement shows how quickly oil markets can reverse course when geopolitical risks ease, with sentiment playing a key role in driving short-term price dynamics.

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