ISLAMABAD: The escalating tensions between Iran and United States, along with concerns over a possible closure of the Strait of Hormuz, have caused a sharp surge in global crude oil prices.
According to international market reports, Brent crude has climbed to $107 per barrel, while US crude is being traded at around $101 per barrel. Meanwhile, Murban crude from the United Arab Emirates has reached approximately $106 per barrel.
Experts say that the ongoing instability in the Middle East is putting significant pressure on global energy markets, with further price volatility expected in the coming days.
The impact is also being felt in Pakistan, where petroleum prices have been rising steadily. Analysts warn that if the upward trend in global oil prices continues, domestic fuel prices are likely to increase further.
The situation highlights growing concerns over energy security as geopolitical tensions intensify in the region.
