Oil prices settled at their highest since June 11, with Brent crude futures climbing 3.36% to $94.07 a barrel and US WTI crude up 2.95% to $86.83. The surge is attributed to escalating hostilities between the US and Iran, coupled with threats to shipping from Iran-backed Houthi militia in Yemen, fueling significant supply concerns. This geopolitical tension deepened backwardation in the Brent crude timespread, reflecting heightened supply risks. Rising global oil prices could potentially increase imported inflation in Pakistan, putting pressure on the PKR and possibly supporting gold as an inflation hedge.
بحوالہ / Source: www.dawn.com