Oil is expensive in the global market, Brent reaches $102 per barrel

Lahore – There has been a sudden surge in crude oil prices in the global market, which has created new concerns for the energy sector as well as the global economy. According to the latest data, the price of Brent crude oil has reached $102 per barrel after an increase of more than 3%, while West Texas Intermediate (WTI) crude is also trading at $94 per barrel with an increase of 2.87%.
Meanwhile, Abu Dhabi’s Murban crude has shown the highest growth, reaching $103 per barrel after an increase of 4.88%.

According to experts, this increase is not only the result of supply and demand factors, but geopolitical tensions are also playing a significant role in it.

According to international news agencies, the growing uncertainty in the region, especially concerns about the Strait of Hormuz, is having a direct impact on global oil prices. The Strait of Hormuz is considered one of the most important trade routes in the world, through which large quantities of oil are transported.

Experts say that if any obstacle arises in this route, its effects are immediately felt in the global market. This is why investors are currently being cautious and concerns are being expressed about a further increase in oil prices.

According to economic analysts, this increase in oil prices can further increase global inflation, as the increase in energy prices affects almost every sector. It has a direct impact on transport, industry and food prices.

This situation is particularly worrying for countries that depend on imported oil, including Pakistan. Experts say that if prices continue to rise at this rate, the import bill will increase, which could lead to both a current account deficit and inflation.

Analysts further say that the direction of the market in the coming days will depend on the situation in the region. If tensions ease, prices may stabilize, otherwise further increases are expected.