Oil prices rose on Friday, with Brent crude futures up 0.08% to $84.30 a barrel and US WTI gaining 0.2% to $79.11, amid escalating US-Iran hostilities and threats to close the Red Sea export route. Both benchmarks have surged nearly 12% this week, driven by a "dual-risk scenario" keeping a geopolitical premium embedded in prices. The US launched multiple airstrikes near Iran's coast, while Tehran reportedly asked Houthis to prepare for a Red Sea closure if US strikes Iranian infrastructure. This sustained rise in global oil prices could contribute to inflationary pressures in Pakistan, potentially impacting the USD/PKR exchange rate and indirectly influencing local gold prices.
بحوالہ / Source: www.dawn.com