ISLAMABAD: After the recent tension in the Middle East, the announcement by Iran and Israel to stop attacking each other has provided temporary relief to the global oil market, resulting in a slight decrease in crude oil prices.
According to international media reports, the price of Brent crude oil has come close to $93 per barrel, while the US West Texas Intermediate (WTI) crude oil was trading below $91 per barrel.
Experts say that the recent ceasefire has temporarily reduced the concerns in the global markets, but investors are still keeping a close eye on the situation. According to them, oil prices may rise sharply again in the event of any new military conflict.
According to analysts, the global energy market cannot be completely satisfied without lasting peace in the Middle East, as the region is an important center of the world’s oil supply and the effects of any tension directly affect the global economy. It should be recalled that yesterday, crude oil prices rose in the global market following rising tensions between Iran and Israel. Brent crude oil prices rose 3.4% to $96.50 per barrel, while US crude oil (WTI) rose 3% to trade at $93.75 per barrel.
