LAHORE – The global oil prices continued to rise amid growing fresh strikes between the United States and Iran, raising concerns about the impact of geopolitical developments on international energy markets.
Brent crude was trading at $96.54 per barrel, while US West Texas Intermediate (WTI) crude reached $91.71 per barrel.
Murban crude also recorded a sharp increase, rising by $7 per barrel to $106, according to market data.
The latest increase comes as tensions between Washington and Tehran continue to influence investor sentiment and raise concerns about potential disruptions to oil supplies from the Middle East. The region is a major source of global energy supplies, making any escalation a potential factor in international oil prices.
The rise in global crude prices could also affect fuel costs in countries that rely heavily on imported petroleum products, including Pakistan.
Meanwhile, the Pakistani government has continued to adjust domestic petroleum prices in line with changes in international oil markets and other relevant factors.
For September 2, the price of petrol in Pakistan was increased by Rs1.08 per litre, taking the new price to Rs343.87 per litre.
The price of high-speed diesel was also raised by 51 paisas per litre, bringing its price to Rs370.92 per litre.
The latest increase in international crude prices is being closely watched by the governments, businesses and consumers because sustained higher oil prices can increase transportation and production costs and add pressure on inflation.
The market trends in the coming days will largely depend on developments in US-Iran relations, the security situation in the Middle East and expectations regarding global oil supplies.
