It is common to inject acidic stimulation fluids into oil-bearing carbonate formations to enhance well productivity. This process of matrix acidizing is designed to maximize the propagation of wormholes into the formation by optimizing the injection parameters, including acid-injection rate and volume. Previous studies have suggested that saturation conditions, permeability, heterogeneity, temperature, and pressure can significantly affect the design of matrix-acidizing treatments. However, laboratory studies’ results are inconsistent in their conclusions and are mostly limited to water-saturated cores. In this work, we designed a systematic experimental study to evaluate the impact of multiphase flow on the acidizing process when injecting 15 wt% hydrochloric acid (HCl) into crude-oil-saturated Indiana Limestone cores. The results reveal the following: Contrary to published literature for water-saturated cores, acidizing in partially oil-saturatedhigh-permeability cores at high pressure requires less acid volume than in low-permeability cores; lower-pressure acid injection results in more efficient wormhole propagation in low-permeability cores compared to high-pressure acid injection; acidizing in low- and high-permeability cores at low pressure leads to similar efficiency; and wormholing is more effective in partially oil-saturated cores, resulting in multiple parallel branches as compared to inefficient leakoff in water-saturatedcores.