Global Oil Prices Continue Upward Surge as Brent Crude Reaches $101 a Barrel Amid Escalating US-Iran Tensions
LONDON: A new round of price hikes has swept international commodity and energy markets as military and geopolitical tensions between the US and Iran continue to ramp up.
Meanwhile, Murban crude rallied by a huge 7.5 percent to trade at $118 per barrel globally, according to latest market signals. Meanwhile, Brent crude, the international benchmark, rose another $3 to be recorded at $101 a barrel, and West Texas Intermediate (WTI) crude rose $1 to $97 per barrel.
There is a rise in the price of domestic fuel in Pakistan every time.In Pakistan, the price of domestic fuel is increasing repetitively.
Similarly, the immediate pressure of imported inflation has been felt in domestic markets and Pakistan has seen retail petroleum prices go up daily for the past few days.
Authorities raised the price of high speed diesel by Rs6.72 per litre and petrol by Rs3.40 per litre for the third day in a row, coinciding with international market trends. Oil and Gas Regulatory Authority (OGRA) officially published the notification on the new price schedule, which is effective from 10 Sept.