Discounts on Russian crude oil for India have evaporated due to increased demand for alternative supplies following disruptions in the Middle East, including Red Sea attacks and US-Iran tensions. This development has led to a jump in global oil prices, with Russian Urals crude no longer offered at significant discounts below Brent. Indian refiners, facing higher import costs, anticipate squeezed profitability. For Pakistan, rising global crude oil prices could exacerbate inflation and increase the import bill, potentially putting upward pressure on USD/PKR and supporting local gold prices as an inflation hedge.
بحوالہ / Source: www.brecorder.com