Global oil prices have surged sharply amid heightened volatility, with Brent crude climbing above $126 per barrel.
According to media reports, crude oil prices continued their upward momentum in international markets on Thursday, recording a sudden spike that has pushed rates to a four-year high.
Brent crude rose by nearly 7%, while overall oil prices increased by around 6% during the trading session. At one point during the day, the price per barrel briefly crossed $126.
Experts have warned that ongoing negotiations for a final peace agreement between the United States and Iran could be at risk due to rising internal political pressure in both Washington and Tehran.
They caution that if these talks fail, tensions in the region could escalate further, potentially leading to a broader conflict. In such a scenario, crude oil prices could rise beyond $120 per barrel in global markets.
The sharp increase in international oil prices may also have a significant impact on Pakistan, where petroleum products could see a major price hike.
Media reports indicate that the rising global oil trend is likely to affect domestic fuel pricing in the upcoming review cycle. If prices continue to climb, further increases in petroleum products are expected.
The main driver behind the surge is growing instability in the Middle East, along with worsening US-Iran tensions and stalled peace negotiations, all of which have created uncertainty in global energy markets. As Pakistan relies heavily on imported oil to meet its energy needs, fluctuations in global prices directly affect the local market.
Read more: Global crude oil prices extend upward momentum amid market pressure
