Oil Prices Plummet to Three-Month Low Amid Iran-US Agreement
Global crude oil prices have fallen to their lowest level in three months due to developments in the Iran-US agreement. In international trading, Brent crude dropped $3.20 to settle at $79 per barrel, while US West Texas Intermediate (WTI) crude declined $2.86 to $77 per barrel. UAE's Murban crude was trading at $72 per barrel.
Oil prices had also recorded a decline in the previous trading session, continuing pressure on the global energy market. Punjab Information Minister Azma Bukhari said petroleum prices in Pakistan are expected to come down following the reopening of the Strait of Hormuz after the Iran-US agreement.
Bukhari added that any reduction in global oil rates will be passed on to the public and the provincial government will ensure relief from lower fuel prices reaches citizens. She also mentioned that Punjab has presented a balanced, tax-free budget, noting that the Punjab Revenue Authority collected 34% more revenue compared to last year.