Oil Refineries Targeted Amid War, Global Fuel Shortage Worsens

Global fuel shortages are worsening as oil refineries, particularly in the Gulf region, sustain damage in the ongoing war involving the U.S., Israel, and Iran. This, coupled with reduced refining capacity from Russia, means fuel output from major regions will not recover soon. The International Energy Agency warns that crude oil and natural gas prices are expected to remain elevated next year. This sustained pressure on crude prices could fuel global inflation, potentially boosting gold's appeal as a hedge and increasing pressure on Pakistan's import bill, impacting USD/PKR.

بحوالہ / Source: oilprice.com