Oil Likely to Cross $120 Again: Here’s Why
Global oil prices are currently trading around $118 per barrel, and traders are preparing for a highly volatile $120-rates-in-November scenario … Read More The post Oil Likely to Cross $120 Again: Here’s Why appeared first on ProPakistani .
Oil prices are currently hovering around $118 per barrel, and traders are bracing for a volatile $120 scenario as tensions between the US and Iran escalate. Despite mediation attempts by Pakistan, Qatar and other parties, the risk of renewed hostilities appears imminent. The rally in oil prices coincides with the upcoming US midterm elections.
Iran's Islamic Revolutionary Guard Corps (IRGC) reported three vessels struck mines in the Strait of Hormuz, causing fires and abandonment. The US Central Command (Centcom) denies these allegations.
In response, EU governments will release 42 million barrels of strategic oil reserves over three months, with France providing 10 million barrels, expecting immediate relief at the pump. Gulf producers are utilizing alternative routes to bypass the Strait of Hormuz. This volatility is expected to significantly affect fuel costs in Pakistan, where prices are revised daily. Petrol currently costs Rs. 377.91 per litre, and a minor price increase could translate to a noticeable impact on consumers' monthly expenses.
Written by urgent.news from ProPakistani's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
