WEB DESK: Crude oil prices have soared past the $100 per barrel mark, hitting an all-time high amid escalating tensions and ongoing warfare in the Middle East.
According to market reports, the surge is being driven by the expanding conflict in the region and concerns over potential disruptions to critical shipping lanes, specifically the Strait of Hormuz.
Brent crude, the international benchmark, rose by approximately 17 percent, reaching $108 per barrel. Similarly, US crude oil prices saw a sharp increase of about 19 percent, also trading at $108 per barrel.
The price spike reflects growing market anxiety over supply security. The Strait of Hormuz is a vital waterway through which a significant portion of the world’s oil passes, and fears of its closure have rattled traders.
Market experts warn that prices could climb even higher if the conflict persists. Analysts are now forecasting that oil could reach $120 per barrel in the coming weeks should the violence continue without a res
olution.
Federal Finance Minister says that three petrol ships are expected to reach Pakistan by tomorrow
Meanwhile Federal Finance Minister Muhammad Aurangzeb has stated that three ships carrying petrol are expected to arrive in Pakistan by tomorrow.
According to details, Federal Finance Minister Muhammad Aurangzeb and Minister for Petroleum Ali Pervaiz Malik held a meeting with Sindh Chief Minister Murad Ali Shah to discuss emergency measures for addressing the energy crisis.
A spokesperson said that during the meeting at Chief Minister House in Karachi, a detailed briefing was provided on the rise in global oil prices and the status of fuel reserves.
The federal ministers informed that if the Middle East conflict escalates further, crude oil prices could reach up to $120 per barrel.
