Crude oil prices surged in the international market following renewed tensions between the United States and Iran, reportedly marked by missile exchanges between the two sides.
According to media reports, Brent crude was trading at around $98 per barrel, while West Texas Intermediate (WTI) reached approximately $95 per barrel.
Meanwhile, global stock markets showed mixed trends. Pakistan Stock Exchange’s benchmark KSE-100 index declined by 831 points, closing at 170,190 points.
European and Asian markets, including those in Germany, France, the United Kingdom, Hong Kong, and India, also witnessed a downward trend. However, Japan’s Nikkei index bucked the trend, gaining more than 2 percent.
Analysts attribute the rise in oil prices to growing geopolitical uncertainty in the Middle East, which has heightened concerns over potential disruptions in global oil supply.
