Global crude oil prices have risen again as diplomatic efforts to end the US-Iran war show limited progress. Brent crude is trading around $105 per barrel, while West Texas Intermediate (WTI) has climbed above $94 per barrel, with prices moving toward the $110 mark.
Oil prices had earlier declined on signs that Iran was open to diplomatic talks and that additional crude supplies could potentially move through Saudi Arabia’s East-West pipeline and the Strait of Hormuz. However, a lack of progress at the United Nations General Assembly has reduced expectations of a quick resolution to the conflict.
Iran has expressed willingness to continue diplomatic efforts, while discussions with Washington remain unresolved. Iran has called for the lifting of the US naval blockade on its ports and the reopening of the Strait of Hormuz.
The Strait of Hormuz is a major route for global oil shipments, and prolonged disruption could keep supply concerns elevated and push crude prices higher. For Pakistan, sustained oil prices at current levels could increase pressure on domestic petrol and diesel prices during upcoming pricing reviews.
