DUBAI: Global crude oil prices rose further as tensions between the United States and Iran intensified.
Brent crude climbed above $97 a barrel, while U.S. West Texas Intermediate (WTI) crude rose above $92 a barrel.
The price of the UAE’s Murban crude also crossed $106 a barrel.
Brent serves as a key global benchmark for oil prices. WTI is the main benchmark for the U.S. market. Murban crude also plays an important role in global oil markets.
The rise in global oil prices has also hit Pakistan. The government raised domestic petroleum prices on Monday night.
According to a notification issued by the Petroleum Division, the government increased the price of petrol by 12.90 rupees per litre.
The new petrol price stands at 358.77 rupees per litre.
The government also raised the price of high-speed diesel by 3.72 rupees per litre. The new diesel price stands at 381.77 rupees per litre.
The new prices took effect on September 8.
Concerns over global oil supplies and related disruptions have pushed crude prices higher.
The latest increase adds to pressure on oil-importing countries, including Pakistan, where changes in global crude prices directly affect domestic fuel costs.
