ISLAMABAD (Kashmir English): Following the new attacks on Iran by the US forces and the actions of the Houthis in the Red Sea, crude oil prices in the global market have been severely shaken, and as a result of which crude oil prices in the global market have increased further.
After this latest situation, international energy prices have continued to increase rapidly, which has caused a wave of concern in global economic circles.
Immediately after the US attacks, crude oil prices in the global market have continued to increase, where the price of Brent crude oil has reached $ 96 per barrel after an increase of $ 1.93, or 2 percent, which is being described as the highest level since June 8. This sudden and large increase in oil prices has had a direct impact on the global supply chain and global energy markets.
WTI crude oil prices rise
Similarly, on the other hand, there has been a significant increase in the price of WTI crude oil, where the price of WTI crude oil has increased by $ 1.44 or 1.7 percent to $ 88.27 per barrel.
According to global market data, this simultaneous increase in the prices of both major types of oil has set new prices for buyers and traders in the international market.
Before this current and latest increase, the price of Brent crude oil had closed at $ 94.07 per barrel after increasing by more than $ 3, while WTI also recorded an increase of about 3 percent on Wednesday.
This continuous increase in prices has proven that the global market has been facing continuous pressure and price hikes for the past few days.
Impact of US attacks
This increase in crude oil prices in the global market came as US forces launched a new series of attacks on Iran, while on the other hand, Yemen’s Houthis have attacked oil tankers in the Red Sea. These military operations and incidents of targeting oil tankers on sea routes have severely affected global oil shipments.
Overall, due to US actions on Iran and these attacks on oil tankers in the Red Sea, the graph of crude oil prices in the global market is continuously going up, which is seeing severe instability in the energy market.
