Crude oil prices rise again in the global market

LAHORE: Due to increasing tensions between Iran and the United States, crude oil prices have once again recorded a significant increase in the global market.

Rising geopolitical tensions in the region and concerns about oil supply have affected the global energy market.

According to reports, the price of Brent crude oil increased by $ 1.46 or 1.72 percent at the start of trading on Wednesday, after which it reached $ 86.19 per barrel. Brent crude oil continued to trade at its highest level since June 12 for the second consecutive trading session.

On the other hand, the price of West Texas Intermediate crude oil also increased by $ 1.11 or 1.4 percent to $ 80.40 per barrel, which is being described as the highest level since June 15.

Similarly, the price of Emirati crude oil also increased to $83.16 per barrel, while a further increase in prices was also seen in the early trading hours.

According to analysts, US President Donald Trump’s announcement to re-impose a naval blockade on Iranian ports and reports of alleged retaliatory attacks by Iran on US installations in the region raised concerns among investors, resulting in a rise in crude oil prices in the global market.

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Economic experts say that if tensions in the Middle East continue, further fluctuations in crude oil prices may be seen, which is likely to have an impact on the global economy, fuel prices and inflation.