SINGAPORE – Oil prices surged to multi-year high in international market amid supply concerns from Middle East region due to a deadlock over talks to end the US-Israel ware against Iran.
International reports indicate that Brent crude for June delivery rose by $1.91, or 1.62%, reaching $119.94 per barrel. This marks the ninth consecutive day of gains for the June contract, which is due to expire Thursday.
Meanwhile, the more actively traded July contract climbed 94 cents, or 0.85%, to $111.38, following a 5.8% increase in the previous session.
U.S. West Texas Intermediate (WTI) crude for June delivery increased 63 cents, or 0.59%, to $107.51 per barrel, after a 7% jump in the prior session.
The Strait of Hormuz, a key passage for Middle Eastern oil exports, has seen significant restrictions, with Tehran limiting shipping mostly to its own vessels since U.S. and Israeli airstrikes on Iran began on February 28. This month, the United States also started blocking Iranian ships from passing through the strategic waterway.
On the other hand, Pakistan is bracing for yet another painful surge in fuel prices as Petrol is expected to become more expensive from May 1, 2026, with reports warning it could surpass Rs400 per litre mark.
The looming increase comes at a time when the government remains under heavy pressure to meet IMF-backed fiscal targets, while global oil markets continue to stay overheated. Brent crude is reportedly hovering around $115 per barrel, keeping import costs and domestic pricing under intense strain.
Prime Minister Shehbaz Sharif confirmed that revised petroleum product prices will be announced on Friday. He acknowledged the difficult balancing act his government faces, citing volatile international oil trends and rising fiscal constraints. However, he assured that the final decision would still take public interest into account.
