Global crude oil prices surged on April 28, continuing their upward trend as geopolitical tensions and supply concerns impact energy markets worldwide.
According to the latest data, Brent Crude Oil is trading around $109–$110 per barrel, while WTI Crude Oil stands near $97–$98 per barrel.
The sharp rise in oil prices is largely driven by ongoing tensions in the Middle East, particularly disruptions affecting the Strait of Hormuz, a key global oil supply route.
Reports indicate that stalled negotiations and continued conflict have limited oil shipments, creating supply shortages and pushing prices higher in international markets.
Analysts warn that if the situation continues, oil prices could remain above $100 per barrel and may even rise further in the coming weeks.
Crude oil is a critical global commodity used to produce fuel such as petrol, diesel, and jet fuel, making it essential for transportation and industry.
In Pakistan, rising international oil prices can directly impact petrol and diesel prices, increasing transportation costs and contributing to inflation.
Experts say oil prices are influenced by several key factors, including global demand, supply disruptions, currency fluctuations, and geopolitical developments.
Despite recent volatility, crude oil remains one of the most closely watched commodities, as changes in its price affect economies around the world.
Also read: Global Oil Prices Ease as Brent Crude Holds Near $94
