Global oil prices eased Friday after Oman confirmed normal operations at Mina al Fahal terminal, but Pakistan faces continued fuel price pressure as Middle East tensions keep markets volatile.
By Imran Malik | Business & Energy Desk | MediaBites.com.pk
Global oil prices retreated on Friday after Oman moved quickly to calm markets, confirming that operations at the strategically vital Mina al Fahal oil terminal were continuing normally despite earlier reports of an explosion near its mooring berths.
The clarification provided brief relief to jittery energy markets — but analysts warned that the underlying tensions driving oil’s recent surge are far from resolved.
What Happened at Mina al Fahal
Crude oil markets turned sharply volatile after three sources told Reuters that oil loading at Oman’s Mina al Fahal terminal had been temporarily suspended following an explosion near its berths. The news briefly sent prices spiking before Petroleum Development Oman stepped in to confirm the facility remained fully operational.Brent crude futures fell 24 cents, or 0.25%, to $94.79 per barrel after posting a sharp 2.84% decline the previous session. US West Texas Intermediate (WTI) slipped 56 cents, or 0.6%, to $92.48 per barrel following Thursday’s 3.1% drop.
Despite Friday’s pullback, both benchmark contracts remain on track for their first weekly gain in three weeks, with WTI rising more than 6% across the week — driven by escalating geopolitical tensions and uncertainty surrounding US-Iran peace negotiations.
Oman exports between 800,000 and 900,000 barrels of crude oil per day from Mina al Fahal, making it one of the most consequential oil terminals in the Middle East. Any sustained disruption there would have sent an immediate shockwave through global energy markets.
The Bigger Picture — Hormuz, Hezbollah and Headlines
Friday’s brief scare underlines how fragile global oil markets have become. The Strait of Hormuz, through which nearly one-fifth of the world’s daily oil supply passes, remains under close international watch as regional instability continues to disrupt shipping traffic.Adding fresh complexity to an already tangled situation, Hezbollah leader Naim Qassem rejected a US-brokered ceasefire agreement between Israel and Lebanon. Iran has reportedly linked any future peace agreement with Washington directly to a ceasefire in Lebanon, further clouding diplomatic prospects.
US President Donald Trump expressed cautious optimism on Thursday, saying progress was being made and that Lebanon “deserved peace.” But market analysts remained sceptical. IG market analyst Tony Sycamore captured the mood perfectly, noting that “any optimism remains heavily clouded by a tangled web of headlines and counter-headlines.”
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OPEC Secretary General Haitham Al Ghais said the organisation was maintaining its global oil demand growth forecast of 1.2 million barrels per day for 2026 despite ongoing tensions and partial Hormuz disruptions. Shipping data also showed Iranian oil exports have fallen to their lowest level in six years, largely due to the US naval blockade, though weaker Chinese demand has helped limit price spikes so far.
Analysts warned that declining global oil inventories remain another underlying concern, with tighter supply potentially triggering a significant price spike during the third quarter of 2026.
Pakistan Angle — No Real Relief Yet
For Pakistani consumers and policymakers, Friday’s oil price dip offers limited comfort. With Brent crude still hovering near $95 per barrel and WTI above $92, international oil prices remain significantly elevated compared to levels Pakistan’s import budget was calibrated for.Pakistan reviews petrol prices every two weeks through OGRA and the Finance Ministry. With the rupee under continued pressure and global oil refusing to settle at lower levels, the fortnightly petroleum price notification remains a source of anxiety for millions of households.
Transport costs, food delivery prices, and everyday utility expenses in Pakistan all carry an embedded fuel cost. Every sustained dollar on Brent crude translates into pressure on the next price revision.
The government currently has limited room to absorb oil price shocks through subsidy mechanisms, given ongoing IMF programme commitments requiring fiscal discipline. Any fresh escalation in the Middle East, particularly around the Strait of Hormuz or Israeli-Iranian tensions, could push prices back above $100 rapidly, leaving Pakistan with no good options.
For now, Pakistani consumers can take modest relief from a Friday dip. But with the Middle East remaining a powder keg, that relief may be short-lived.
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