US-Iran Tensions Push Global Oil Prices Higher Again

ISLAMABAD: (Finance Reporter) – Global crude oil prices climbed further amid renewed tensions between the United States and Iran, with concerns over escalating military activity in the region adding pressure to energy markets.

Brent crude rose by 87 cents, or 0.92 percent, to $95.52 a barrel, while US West Texas Intermediate (WTI) gained 80 cents, or 0.89 percent, to $91.02 a barrel.

Both major benchmarks had already jumped by more than $4 on Tuesday, marking the strongest daily gains for Brent since July 24 and for WTI since July 23.

Meanwhile, the price of Murban crude from the United Arab Emirates surged by approximately $7 to reach $106 per barrel.

Petrol and Diesel Prices Rise in Pakistan

Higher international oil prices have also been reflected in Pakistan’s domestic petroleum market.

According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs1.08 per litre, taking the new price to Rs343.87 per litre.

The price of high-speed diesel has also gone up by 51 paisa per litre, reaching Rs370.92 per litre.

The latest increases come as global energy markets closely monitor developments surrounding the US-Iran conflict and their potential impact on crude supplies and shipping routes.

US-Iran Conflict Raises Supply Concerns

The renewed escalation follows a series of US airstrikes on targets in Iran, with reports of explosions in several locations, including Qeshm Island and Bandar Abbas.

Iranian media reported multiple explosions near the village of Masan on Qeshm Island and additional blasts close to the Strait of Hormuz, one of the world’s most important energy transit routes.

Explosions were also reported east of Bandar Abbas, while US forces reportedly targeted Jireft Airport in southeastern Iran.

Any prolonged disruption around the Strait of Hormuz could increase uncertainty in global oil markets, given the area’s strategic importance for international energy shipments.