Islamabad: The ongoing geopolitical tensions in the Middle East have once again gripped the global energy market, where crude oil prices are recording a continuous increase. The attention of energy traders and investors is currently focused on the changing situation in the region, due to which the buying trend in the global market has strengthened.
According to recent business data, the price of Brent crude, which is considered the global standard, has increased to $84 per barrel. According to market experts, this increase in prices reflects the fear that if tensions in the region increase further, oil supply may be affected.
At the same time, West Texas Intermediate (WTI) crude oil has also become expensive and is trading at $79 per barrel. This increase in the price of US crude oil is being considered a clear indication of increasing uncertainty in the global energy market.
Meanwhile, the price of the United Arab Emirates’ main grade of Merbin crude has also gone up and has reached the level of $79 per barrel. This shows that the price increase is not limited to a specific region or grade, but its impact on different qualities of crude oil in the global market is significant.
Energy experts say that investors are currently closely monitoring every development in the Middle East, because this region exports a large amount of the world’s crude oil. According to them, if tensions increase further or the supply chain is affected, crude oil prices in the global market may rise further, while if the situation improves, prices may also stabilise.
