Brent Surges to $117 as Tanker Catches Fire in Strait of Hormuz

Brent crude surged to $117 a barrel following reports that a tanker transiting the Strait of Hormuz caught fire after explosive devices were attached to its hull. The UKMTO confirmed receiving multiple reports of the incident 25 nautical miles northeast of Khasab, Oman, indicating a significant escalation of tensions in the region. This development could fuel safe-haven demand for gold and potentially pressure the Pakistani Rupee due to higher imported oil costs.

بحوالہ / Source: oilprice.com