ISLAMABAD: Due to the increasing tension between the US and Iran, crude oil prices in the global market continue to fluctuate.
The price of West Texas Intermediate crude oil per barrel in the global market has fallen from $74 to $72.51.
British Brent crude oil has fallen from $78.91 per barrel to $77.30. United Arab Emirates’ Merbin oil has fallen from $74 to $72.40.
According to experts, concerns about oil shipments in the Strait of Hormuz have increased after the recent military tension between Iran and the US.
Oil prices in the global market increased by more than seven percent yesterday, and according to energy experts, oil prices are likely to increase further due to the tension in the Strait of Hormuz.
It should be noted that the prices of petroleum products in Pakistan were reduced last Friday. If oil prices in the global market decrease further, the prices of petrol and diesel in Pakistan may decrease.
If oil prices in the global market increase further, it will also have an impact on petroleum products in Pakistan, which may lead to a further increase in the prices of petrol and diesel.
The government will take the final decision regarding the prices of petroleum products. If tensions between Iran and the US do not decrease, oil prices may increase further.
