Crude oil prices rise sharply in the global market

Crude oil prices in the global oil market have once again started their upward journey. During the latest trading session, both Brent and US West Texas Intermediate (WTI) prices saw an increase of more than two dollars per barrel, which created new activity in the global energy market.

According to the latest international market reports, the expectation of a decline in US crude oil reserves and concerns about supply have again attracted the attention of investors towards buying oil, resulting in a significant increase in prices.

It should be noted that crude oil prices had eased somewhat after a temporary easing of tensions between Washington and Tehran on the previous trading day. However, the market trend changed in the new trading session, and prices started rising again.

According to the latest data, Brent crude oil futures rose by $2.71, or 3.2 percent, to $86.80 per barrel.

Similarly, the price of US West Texas Intermediate (WTI) crude oil was trading at $81.95 per barrel, up by $2.26, or 3.4 percent.

According to economists, changes in global oil prices have a direct impact on energy costs, import costs and international trade activities. For oil-importing countries like Pakistan, this development in the global market may also affect the cost of fuel in the future, however, local prices are determined according to government policy and decisions of relevant institutions.