Global crude oil prices have seen a 5% increase in response to the ongoing conflict between Israel and Palestine, affecting markets worldwide.
The surge in oil prices comes after a period of consistent decline, with experts attributing the recent uptick to a combination of geopolitical tensions and economic factors.
According to international media reports, today in the market, the price of West Texas Intermediate (WTI) crude oil reached $88.39 per barrel, while Brent Crude stood at $88.65 per barrel.
This increase reflects a notable shift in oil prices, which had experienced a steady decrease of more than 5% over the past two weeks.
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Analysts suggest that the previous decline in crude oil prices was primarily driven by a combination of a sluggish global economy and reduced demand.
However, recent developments in the Israel-Palestine conflict have added a new layer of uncertainty to the oil market.
Experts had previously hinted that if the downward trend in global oil prices persisted, it could potentially lead to a noticeable decrease in fuel prices for consumers in Pakistan.
