Global crude oil prices continued their upward momentum in trading on Monday, reflecting renewed pressure on energy markets.
Brent crude oil rose by 3.76% to $109 per barrel, while West Texas Intermediate (WTI) gained 2.77% to reach $97.17 per barrel. Earlier in the session, WTI was also recorded at $96.74 per barrel, marking an increase of 2.50%.
Previously, the international benchmark Brent crude had climbed by more than 2.55%, reaching $108.01 per barrel, signalling sustained bullish sentiment in the oil market.
Market analysts attribute the ongoing volatility to global supply concerns and geopolitical tensions affecting energy trade flows.
Market analysts stated that attention is currently focused on the Strait of Hormuz, the most important route for oil supply from the Middle East. Due to ongoing tensions between Iran and the United States, there is a risk of supply disruptions through this route, which is creating an imbalance in global supply and demand.
Economists have warned that this surge in crude oil prices will directly impact developing countries like Pakistan, where rising fuel prices are likely to further worsen inflation.
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