Crude oil prices rose by about 2% on Friday, driven by increased attacks between the U.S. and Iran across the Gulf. This geopolitical escalation has raised concerns over shipping security, particularly with potential Red Sea closures and restricted traffic through the Strait of Hormuz. Stronger crude oil futures make palm oil a more attractive option for biodiesel feedstock, though palm oil itself saw mixed trading. This rise in global oil prices could contribute to inflationary pressures and heighten geopolitical risk, potentially supporting gold as a safe-haven asset and impacting Pakistan's import bill and PKR stability.
بحوالہ / Source: www.brecorder.com