Global oil markets have seen a slight increase in crude oil prices after a recent decrease.
According to international reports, price of Brent crude oil rose by 0.57%, reaching $86.57 per barrel.
Similarly, the price of American crude oil increased by 0.75%, reaching $83.63 per barrel.
The global oil market has been witnessing a series of unexpected fluctuations in oil prices, with a sudden increase following the recent Middle East conflicts.
On a global scale, if there is a decrease in oil prices, it is likely to translate into a reduction in petroleum prices in Pakistan.
It is also being said that there may be a potential decrease of Rs38 in petrol prices and Rs18 in diesel prices.
More over, on Thursday, the US implemented its initial set of sanctions targeting owners of tankers transporting Russian oil at prices exceeding the G7's specified price cap of $60 per barrel.
This action is taken to address and close any existing loopholes within the sanctions framework intended to penalize Moscow for its invasion of Ukraine.
In addition, the Organization of the Petroleum Exporting Countries (OPEC) maintained its projection for growth in worldwide oil demand.
This decision was based on indications of a robust global economy throughout this year and anticipated increased demand in China, the world's largest oil importer.
