Islamabad: Global crude oil prices have crossed the $100-per-barrel mark, raising concerns that petroleum product prices may also increase in Pakistan.
Growing tensions in the Middle East and fears of disruptions to global oil supplies have pushed crude prices to their highest levels in several weeks.
Brent crude rose by $2.77 to $100.69 per barrel, after touching $100.95 during trading. Meanwhile, U.S. West Texas Intermediate (WTI) crude also gained $2.18 to reach $95.21 per barrel, its highest level since early June.
According to analysts, a prolonged conflict in the Middle East could further disrupt global oil supplies and keep prices under upward pressure. Attacks on Saudi energy facilities and growing risks to oil shipments through the Red Sea have also added to uncertainty in the global market.
The rise in global crude prices could directly increase Pakistan’s import costs, raising the possibility of higher petrol and other petroleum product prices in the country during the next price review.
