Global crude oil prices have surged above $105 per barrel as escalating tensions in the Middle East raise concerns over disruptions to energy supplies and key shipping routes.
Brent crude, the global benchmark, rose by around $4.19 to $105.40 per barrel, while US West Texas Intermediate (WTI) gained approximately $4.53 to reach $100.58 per barrel, according to the latest market levels cited in the report.
Reuters reported that Brent jumped around 4% on Thursday to approximately $105.26 per barrel, while WTI moved above $100 for the first time since May. The rally has been driven by intensifying attacks on shipping routes and growing fears that the conflict could further disrupt global energy supplies.
The situation has become particularly concerning due to disruptions and security risks around key maritime chokepoints.
Iran-related tensions have affected traffic through the Strait of Hormuz, while Houthi forces have seized Yemen’s Mocha port, creating additional risks around the Bab el-Mandeb Strait. Both routes are important corridors for global energy shipments.
According to Reuters, oil prices have now risen more than 30% from their early-August lows as traders increasingly factor in a higher geopolitical risk premium.
Analysts are closely monitoring the duration of the conflict and shipping disruptions, with prolonged instability potentially keeping crude prices elevated.
The rise in international oil prices is also creating additional pressure on Pakistan’s fuel market. The government has adopted a daily fuel-price review mechanism amid heightened volatility in international crude and petroleum product prices.
Pakistan’s petrol price currently stands at Rs. 367.75 per litre, while high-speed diesel is priced at Rs. 392.67 per litre following the latest increase effective September 10.
A sustained rise in international crude and refined petroleum prices could further increase Pakistan’s oil import bill and add pressure on inflation and domestic fuel prices.
The impact will depend largely on how long global oil prices remain above the $100-per-barrel level and whether disruptions to major shipping routes continue.
