Indian Oil Corp (IOC) has cancelled lifting 2 million barrels of Iraqi crude from Basrah, citing increased risks and vessel attacks in the Strait of Hormuz. Another state refiner, MRPL, also cancelled its plans, following India's advisory against deploying seafarers in the region. Tensions have escalated after a US-Tehran truce collapsed, disrupting shipping through the Strait, which handles a fifth of global energy supplies. This disruption could push crude oil prices higher, potentially increasing Pakistan's import bill and adding pressure on the USD/PKR exchange rate and domestic inflation.
بحوالہ / Source: www.brecorder.com