US-Iran Tensions Send Oil Prices Soaring as Peace Hopes Fade

The price of oil rose as hopes for peace between the US and Iran began to fade.

US-Iran tensions have been a major concern for the global economy, particularly in the energy sector. Oil prices had dropped earlier in the week due to reports that the two nations were making progress towards a peaceful resolution.

However, it appears that these efforts have stalled, leading to an increase in oil prices. The price of OGDC, Pakistan's largest oil producer, rose by 0.61 rupees (-0.19%) to 314.34 rupees.

PPL, another major energy player, also saw its price rise by 3.41 (1.46%) to 236.47 rupees.