Gulf countries increased crude and condensate exports by 16% in early July to 12-13 million bpd, initially easing oil prices after a brief US-Iran deal. However, renewed hostilities have since slowed flows through the Strait of Hormuz, with daily transits dropping significantly. Furthermore, Iran has reportedly instructed Yemen's Houthis to prepare to disrupt Red Sea traffic if US targets Iranian energy infrastructure. This escalating tension could push global oil prices higher, potentially impacting Pakistan's import bill and contributing to domestic inflation, which could indirectly support local gold demand.
بحوالہ / Source: www.brecorder.com