ISLAMABAD: Global crude oil prices extended their gains on Tuesday as heightened geopolitical tensions between the United States and Iran fuelled concerns over potential disruptions to global energy supplies.
According to international market data, Brent crude futures reached $86.30 per barrel, and West Texas Intermediate (WTI) crude futures amounted to $80.81 per barrel, following the strong surge recorded during the previous trading day.
This rise is associated with information about the emerging confrontation between the two countries after the US President Donald Trump decided to impose a naval blockade on Iran’s harbours. The situation has developed as part of ongoing military confrontations between the two parties and might spark a regional war.
Analysts from the energy market have noted that investors’ attitude is mostly driven by worries related to the Strait of Hormuz, a vital waterway through which a considerable amount of crude oil exports in the world pass. In case any disturbances occur in the region, oil supplies will be limited, and prices will continue growing.
Gold Prices Decline Across Pakistan and International Markets
Meanwhile, Gold prices continued their downward trend for a second consecutive day in both international and Pakistani markets, leading to a significant decline in local bullion rates.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs5,600, bringing the new rate to Rs424,136 per tola.
Similarly, the price of 10 grams of 24-karat gold fell by Rs4,801, settling at Rs363,628.
Silver prices also recorded a decline. The price of silver per tola decreased by Rs50, reaching Rs6,289.
In the international market, gold prices remained under pressure, with the price of the precious metal falling by $56 per ounce to $4,017.
