Significant drop in oil prices

ISLAMABAD: Oil prices have fallen in the global market after news of an agreement between the US and Iran.

British crude oil has fallen by more than three percent, reaching $87 per barrel, while American crude oil has reached $84 per barrel.

UAE’s Merbin crude oil is being sold at $83 per barrel after falling by more than four percent.

According to experts, the Strait of Hormuz will open after an agreement between Iran and the US, which will further reduce oil prices.

It should be noted that Prime Minister Shehbaz Sharif has also announced the good news of the signing of the agreement within 24 hours. If the agreement is reached, petroleum products in Pakistan will also become cheaper.

It should be remembered that fluctuations in oil prices in the global market also affect the prices of petrol and diesel in Pakistan. If an agreement is reached, there may be a significant reduction in the prices of petrol and diesel, but the final decision will be made by the government.