Islamabad: After the attacks on oil tankers affiliated with Saudi Arabia in the Red Sea, there has been severe anxiety in the global energy market, due to which crude oil prices have been recorded as having increased significantly. According to experts, the increasing tension in the Middle East has deepened concerns about global supply, which may have an impact on global markets as well as countries dependent on imported fuel.
In the international market, the price of Brent crude oil crossed the psychological threshold of $100 per barrel after increasing by about 7 percent, while the price of Merbin crude saw the highest increase of about 18 percent and reached $108 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude oil also rose by about 5 percent to $92 per barrel, reflecting the ongoing uncertainty in the global energy market.
Economists say that if tensions in the region persist and oil supplies are affected, prices in the global market may increase further. This situation is also likely to increase the import bill of oil-importing countries and intensify inflationary pressures.
In countries like Pakistan, where a large amount of crude oil and petroleum products are imported, the increase in global prices may also put pressure on local fuel prices in the future. However, the final determination of local prices will be made taking into account government policy, taxes and future trends in the global market.
According to economic analysts, the future direction of the global energy market will depend on the security situation in the region, the restoration of supply chains and the decisions of major oil-producing countries.
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