Lahore: Crude oil prices have seen a slight increase in the global market, where the tense situation in the Middle East and concerns about global fuel supply have affected the market.
In recent trade, Brent crude oil rose 29 cents to $102.60 per barrel, while US crude oil West Texas Intermediate (WTI) rose 27 cents to $93.14 per barrel.
Before this increase in prices, the oil market had also recorded a significant increase on Thursday. Reports that the US was sending a third aircraft carrier and 10,000 more troops to the Middle East increased tensions in the region and concerns about oil supply.
Meanwhile, China’s decision to halt most fuel exports in October has further strengthened concerns about a possible shortage in the global market. China’s policy is likely to affect fuel availability and prices internationally.
On the other hand, the restoration of oil exports from Saudi Arabia has created some comfort in terms of global supply. The pressure from the United States on European countries to release emergency diesel reserves is also part of efforts to improve supply and control the shortage.
The global energy market is currently affected by two conflicting factors. On the one hand, there is pressure on prices to increase due to Middle Eastern tensions and export restrictions, while on the other hand, efforts are being made to limit this pressure by restoring oil supplies and using emergency reserves. The development of these factors in the coming days will play an important role in determining the direction of crude oil prices.
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