ISLAMABAD: Rising tensions between Iran and the US and fears of a possible closure of the Strait of Hormuz have pushed crude oil prices to record highs in the global market.
According to the global trade report, British Brent crude oil is being sold at $107 per barrel while US crude oil is being sold at $101 per barrel. Meanwhile, Emirati crude oil Murban has also been traded at $106 per barrel in the global market.
According to experts, the global energy market is under pressure due to the tense situation in the Middle East and there is a possibility of further fluctuations in oil prices.
On the other hand, the prices of petroleum products are also continuously increasing in Pakistan. If oil prices continue to rise in the global market, prices are expected to increase further in Pakistan as well.
