Oil prices in markets across the globe are on the rise as investors fear another outbreak of COVID-19. This comes on the heels of concerns about the fast-spreading Omicron variant, and the market and travel restrictions that may ensue.

Prices are reportedly on the rise due to a potential impact on oil demands as more countries close their borders to international travel, thereby hampering trade movements and other business activities.

As per statistics drawn up by OERLive, we learn that Brent Crude futures have risen by 9 cents to reach US$71.61. This is a growth of 0.1 per cent.

Subsequently, US West Texas Intermediate Crude futures rose by 23 cents – which marks a growth of 0.3 per cent – to touch US$68.84 per barrel.

The cost of Oman oil for February delivery 2022 rose by 39 cents today [December 21] too. This brings the price per barrel of crude to US$70.54 from US$70.15 yesterday, and stabilises the cost of Oman Oil for December delivery in 2021 to US$81.58, which is US$8.8 per barrel higher than the November delivery in 2021.

The newly-detected virus, which was allegedly detected for the first time in South Africa in November, has has a worldwide reach; most recently penetrating the GCC market, including Saudi Arabia, United Arab Emirates, and the Sultanate of Oman.

While numbers in the GCC remain low, it must be noted that cases continue to increase rapidly across Europe and the United States of America. We learn today that the United Kingdom recorded 91,734 cases of COVID-19 on Monday, 20th December.

The Oman News Agency further reports that Omicron cases are increasing rapidly across Europe and the United States, and are “doubling every two or three days in London and elsewhere, leading to huge losses in financial markets that fear this will affect the global economic recovery.”