The announcement of a ceasefire between Iran and the United States brought a sharp reaction in global markets, with oil prices falling markedly and stock markets recording strong gains.
At the opening of trading, the Pakistan Stock Exchange (PSX) recorded an increase of more than 12,000 points in the KSE-100 index. A total of 14 limits were restored simultaneously. The index rose from 151,000 to 164,000 points in a single movement. Trading at the Pakistan Stock Exchange was halted for one hour owing to the exceptional surge.
The global benchmark Brent crude fell by approximately 15.9 per cent to $92.30 per barrel, while US-traded crude declined by about 16.5 per cent to 93.80 dollars per barrel.
Experts said prices remained above levels seen before the conflict, when oil traded at around $70 per barrel on 28 February.
Tensions in the Middle East had severely disrupted oil and gas supplies, particularly after Iran threatened action against vessels passing through the Strait of Hormuz, which led to a sharp rise in energy prices.
