Pakistan Faces $110 Crude Oil Prices Amid US-Iran Tensions

Global crude oil prices have surged to their highest level in nearly two months, sparking fears of a significant petrol price hike in Pakistan. The escalating tensions between the US and Iran, combined with supply disruptions linked to the Ukraine war, are driving up the cost of crude oil.

The global benchmark Dated Brent has climbed to $105.70 per barrel, marking its highest level since late May and crossing the $100 mark for the first time since early June. North Sea Forties crude is nearing $109 per barrel, further exacerbating concerns over a potential petrol price hike in Pakistan.

The rise in oil prices has been driven by renewed geopolitical risks, including the collapse of diplomatic efforts between Washington and Tehran, continued military tensions in the Middle East, and attacks on shipping routes in the Red Sea. The Strait of Hormuz is also under scrutiny due to concerns over supply shortages.