Brent crude crosses $90: Will Pakistan face another petrol price hike?
Brent crude has surged above $90 per barrel as escalating military tensions between the United States and Iran raised fears of supply disruptions and another global energy price shock.
According to international reports, Brent crude futures climbed 2.37 percent to $90.19 per barrel, marking their highest level in more than a month. US West Texas Intermediate (WTI) crude also gained more than 2 percent, trading at $84.20 per barrel.
Oil prices rose after reports that the United States carried out another night of strikes against Iran. At the same time, Kuwait and Bahrain reported security incidents linked to the regional conflict, adding to concerns about stability in the Middle East.
Iran's Revolutionary Guard claimed that two oil tankers attempting to use the southern route of the Strait of Hormuz were disabled following explosions. However, the claim has not been independently verified. Separately, the UK Maritime Trade Operations agency reported a fire aboard a vessel northwest of Kumzar, Oman.
Energy analysts warn that the Strait of Hormuz is one of the world's most important oil shipping routes, handling nearly one-fifth of global oil trade. Any disruption to tanker traffic could drive crude prices even higher and increase fuel costs worldwide.
The latest surge has also renewed concerns in Pakistan, where petrol and diesel prices were recently increased for only three days before another official price review scheduled for July 20. Petrol was raised to Rs316.15 per litre, while high-speed diesel increased to Rs354.35 per litre.
Analysts say the coming days will determine whether regional tensions further disrupt oil exports and trigger another wave of fuel price increases.