Oil prices surged over 1% on Friday, with Brent crude reaching $85.28 a barrel and US WTI hitting $79.98, driven by escalating US-Iran hostilities and a threat to close the Red Sea export route. Both benchmarks have climbed nearly 12% this week amidst increased air strikes and missile exchanges. Iran has reportedly told Houthi allies to prepare to shut the Red Sea route if the US targets Iranian power infrastructure. Sustained high oil prices could contribute to imported inflation in Pakistan, potentially impacting the PKR and increasing local demand for gold as a hedge.
بحوالہ / Source: www.brecorder.com