Global attention is currently centered on the Strait of Hormuz,
International crude oil prices recorded a notable increase in global markets, driven by rising demand and ongoing geopolitical uncertainties.
Brent crude surged by 3.76 percent to reach $109 per barrel, reflecting strong upward momentum in the energy market.
Meanwhile, West Texas Intermediate (WTI) crude also posted gains, rising by 2.77 percent to settle at $97.17 per barrel.
Analysts attribute the increase to tightening supply conditions and heightened tensions in key oil-producing regions, which continue to influence global price trends.
Market analysts say global attention is currently centered on the Strait of Hormuz, a critical artery for oil shipments from the Middle East.
Ongoing tensions between the United States and Iran have raised fears of potential supply disruptions through this route, contributing to an imbalance in global oil supply and demand.
Economists have warned that the recent surge in crude oil prices could have direct consequences for developing economies like Pakistan, where higher fuel costs are likely to intensify inflationary pressures and increase the cost of living.
