Brent crude futures settled 4.59% higher at $88.10 a barrel, while US WTI rose 4.48% to $82.49, both reaching their highest levels since mid-June. The surge follows increased US and Iranian attacks across the Gulf, raising fears of Red Sea shipping closures and restricted traffic through the Strait of Hormuz. Analysts warn of further price increases if tankers are targeted, impacting global oil flows. This significant rise in international oil prices could potentially increase Pakistan's import bill, putting upward pressure on local inflation and the USD/PKR exchange rate, which might indirectly support gold prices.
بحوالہ / Source: www.brecorder.com