Global economies worried as Oil Prices climb rapidly

ISLAMABAD: Due to ongoing tensions and fears of war in the Middle East, crude oil prices are continuously increasing in the global market, which has worried economies around the world.

The uncertainty in the region has put energy supply at risk, the effects of which are becoming noticeable at the global level.

According to reports, the price of British crude oil has exceeded $ 118 per barrel, while the price of Brent crude has also increased to $ 105.3 per barrel. Similarly, the price of West Texas Intermediate has also increased and has reached $ 102.7 per barrel.

A significant increase in oil prices was also recorded in the United Arab Emirates, where an increase of 30 to 40 percent has been seen. According to the new prices, the price of diesel has reached 4.69 dirhams per liter after an increase of 2.72 dirhams, which is raising fears that the burden of inflation on the public will increase further.

Economists say that if the situation in the Middle East worsens further, oil prices may increase further, which will have a negative impact on the global economy.

On the other hand, governments are also emphasizing the need to focus on alternative energy sources so that such crises can be dealt with.