Oil Barel With The Chart which is increasing
The increase in oil prices also affects the prices of transportation, food items, and other basic necessities.
The ongoing tension between Israel and Iran has started to impact the global market, where a significant increase in crude oil prices has been recorded on Monday.
The price of Brent crude oil in the international market has reached $76.37 per barrel with an increase of 2.8%, while the price of American crude oil has also risen by nearly two dollars to $75.01 per barrel.
This increase comes after a 7% rise in oil prices on Friday. Experts say that in the event of a possible war between Israel and Iran, the supply of oil from the Middle East could be affected, which would have implications for the global economy.
On the other hand, oil prices in Pakistan have also been increased. According to the notification issued by OGRA, the price of petrol has been raised by 4 rupees 80 paisa per liter and the price of high-speed diesel has been increased by 7 rupees 95 paisa per liter. The new prices will be applicable for the next 15 days.
It is important to note that the rise in oil prices also affects the prices of transportation, food items, and other essential needs, which directly burdens the public.
About the Author
