Crude oil prices surge in international market

International crude oil prices recorded a notable increase in global markets, driven by rising demand and ongoing geopolitical uncertainties.

Brent crude surged by 3.76 percent to reach $109 per barrel, reflecting strong upward momentum in the energy market.

Meanwhile, West Texas Intermediate (WTI) crude also posted gains, rising by 2.77 percent to settle at $97.17 per barrel.

Analysts attribute the increase to tightening supply conditions and heightened tensions in key oil-producing regions, which continue to influence global price trends.

A rise in global oil prices has weighed on US stock futures, with S&P 500 futures falling by 0.3 percent.

Market analysts say the focus remains firmly on the Strait of Hormuz, a critical route for oil shipments from the Middle East. Ongoing tensions between the United States and Iran have raised concerns over potential supply disruptions, leading to an imbalance in global supply and demand.

Economists warn that the surge in crude oil prices could have direct implications for developing economies like Pakistan, where higher fuel costs may further intensify inflationary pressures and increase the overall cost of living.