Global oil prices rose sharply on Monday after renewed military tensions between the United States and Iran, coupled with Israel’s decision to push further into Lebanon, heightened concerns over energy supplies from the Middle East. Brent crude climbed above $93 per barrel, while US West Texas Intermediate (WTI) crude rose above $90, reversing some of...
Tag: Oil Prices
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Oil Prices Hit Two-Week Low as US-Iran Deal Hopes Ease Market Fears
Global oil prices fell sharply to a two-week low after growing optimism that the United States and Iran may be moving closer to a diplomatic agreement aimed at easing tensions in the Middle East. Brent crude futures dropped more than 5% to below $100 per barrel, while US West Texas Intermediate (WTI) crude also recorded...
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Japan Considers Releasing More Oil Reserves Amid Hormuz Uncertainty
Japan is considering releasing an additional 20 days’ worth of oil from its strategic reserves as uncertainty persists over the reopening of the Strait of Hormuz, a key global energy route. The move, reported by Kyodo News, could take place as early as May if supply disruptions continue. The country, which relies on the Middle...
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Petrol, Diesel Prices Increased Again in Pakistan
The government has announced the revised prices of petroleum products for the next 15 days. According to the Ministry of Finance, the price of petrol has been increased by Rs 2.43 per litre, while the price of high-speed diesel has been raised by Rs 3.20 per litre. The official notification stated that the new price...