NEW YORK: Crude oil prices rose sharply on Monday amid growing fears that escalating hostilities between Iran and Israel could further disrupt a fragile ceasefire and global energy supplies.
In international trading, Brent crude climbed to around $98 per barrel, while West Texas Intermediate (WTI) traded near $95 per barrel, reflecting heightened market uncertainty.
The increase comes as geopolitical tensions in the Middle East continue to intensify, with both Iran and Israel exchanging strikes and raising concerns over broader regional instability.
Meanwhile, global stock markets came under heavy pressure, with investors reacting to rising geopolitical risks.
Pakistan Stock Exchange’s benchmark KSE-100 index fell by 1,480 points during intraday trading, dropping to 168,998 points.
Asian markets also recorded sharp losses, with South Korea’s KOSPI index declining more than 8 percent and Japan’s Nikkei index falling over 3 percent.
