Crude oil prices in the global energy market have broken all previous records, as a result of which economic challenges have become serious for developing countries, especially Pakistan. According to the latest data, the price of US crude oil (WTI) has seen a sharp increase of 11.42 percent, after which it is trading at $111.5 per barrel. Following the same footsteps, Brent crude has also become more expensive by 7.87 percent and reached $109.
Economists say that rising global political tensions and supply disruptions are the main reasons for this sudden surge. This increase will have a direct impact on Pakistan, where petroleum product prices are already at record highs. The rise in crude oil prices will not only increase the cost of transportation but also the cost of electricity generation, which could trigger a new wave of inflation in the country.
