Brent crude futures fell 0.9% to $84.23, while US WTI dropped 0.8% to $78.95, though both were up over 1% earlier in the session. The decline reflects profit-taking after prices hit one-month highs, driven by investor short-covering amid escalating Middle East tensions. Iran's threat to close the Red Sea route, coupled with the Strait of Hormuz already disrupted, raises significant global oil supply chain concerns. Sustained high oil prices could fuel imported inflation in Pakistan, potentially weakening the PKR and increasing the appeal of gold as a hedge.
بحوالہ / Source: www.brecorder.com