ISLAMABAD: The effects of the increasing military tension between the US and Iran in the Middle East have started to be felt on global markets, where a significant increase in crude oil prices was recorded.
Crude oil prices in the global market increased by about 3%, after which the price of Brent crude oil crossed the level of $ 90 per barrel.
According to market reports, Brent crude oil futures increased by $ 2.77 or 3.14%, after which the price reached $ 90.87 per barrel, this price is being described as the highest level since June 11.
According to reports, a total increase of 15.9% was recorded in the price of Brent crude oil last week, which is the biggest weekly increase since April.
Economic experts say that the increase in tension in the Middle East has raised concerns about the global supply of oil, due to which prices are being seen to increase.
On the other hand, the price of US crude oil West Texas Intermediate (WTI) also increased, WTI crude oil continued to trade at $ 84.84 per barrel after increasing by $ 2.35 or 2.85 percent, which is the highest level since June 12. Last week, the price of WTI increased by 15.5 percent, which is the biggest weekly increase since the beginning of March.
