ISLAMABAD (Kashmir English): Crude Oil prices rose again on the global market, with more worries coming back in the wake of escalating tensions between the United States and Iran, and that sort of thing is just making energy supplies feel a little less predictable.
Brent crude moved up to about $111 per barrel, while West Texas Intermediate, or WTI, was around $107 per barrel. Meanwhile, Murban crude was also logged at $108 per barrel.
Market analysts say the uptick is tied to widening geopolitical risks in the Middle East, and in particular, concerns about possible disruptions to oil shipping lanes.
Earlier, crude prices had jumped too after reports suggesting former U.S. President Donald Trump rejected Iranian proposals, and also because there’s ongoing uncertainty around the stability of the Strait of Hormuz, which remains one of the world’s most crucial oil transit choke points.
In currency trading, risk aversion helped the U.S. dollar stay supported. The euro was at $1.1620 after it slipped 1.4% over the week, while sterling was changing hands around $1.3318 after a 2.3% fall amid political pressure and bond market stress.
The dollar stayed steady vs the yen, and the fear of intervention kept traders a bit cautious about making fresh moves. Gold was basically unchanged at around $4,540 an ounce, though safe-haven inflows were still limited, even with the geopolitical risks sitting in the background.
Petrol Prices in Pakistan
Earlier, the federal government on Friday decreased diesel and petrol prices by Rs5 per liter, according to the petroleum division.
The notification issued today stated that the prices of petrol and high-speed diesel (HSD) have been reduced by Rs 5 per litre.
The new price of petrol has been fixed at Rs 409.78 per liter, while the price of high-speed diesel has been set at Rs 409.58 per liter, the notification said.
The revised prices of petroleum products will be implemented from 12 midnight tonight.
In the previous weekly review, the government raised the price of petrol by Rs14.92 per litre and HSD by Rs15.
