ISLAMABAD: Crude oil prices jumped sharply on Thursday after the United States and Iran launched missile attacks against each other, fueling concerns over a wider conflict in the Middle East, a key oil-producing region.
According to media reports, Brent crude was trading at $98 per barrel, while West Texas Intermediate (WTI) stood at $95 per barrel in global markets — levels not seen in several months.
The escalation between Washington and Tehran rattled investors, leading to a mixed trend across Asian and European stock markets. Safe-haven buying drove volatility, with some indices falling while others showed resilience.
In Pakistan, the Pakistan Stock Exchange’s (PSX) Hundred Index closed at 170,190 points, recording a significant decline of 831 points as traders reacted to the geopolitical uncertainty.
Elsewhere, major indices closed lower. Germany’s DAX, France’s CAC, Britain’s FTSE, Hong Kong’s Hang Seng, and India’s benchmark indices all witnessed declines. However, Japan’s Nikkei 225 bucked the trend, closing more than 2 percent higher, buoyed by sector-specific gains.
Analysts warned that prolonged hostilities between the US and Iran could push oil prices even higher, potentially stoking inflation and slowing global growth. Central banks are now closely monitoring the situation.
No immediate comments were available from the US or Iranian governments regarding the reported missile exchanges.
