Global crude oil prices have declined, raising the possibility of a reduction in petroleum prices in the local market.
Oil prices fell at the start of the business week, mainly due to increased oil exports from the Middle East and a decision by G7 countries to release crude oil and diesel from emergency reserves into the market.
However, uncertainty persists amid concerns that the ongoing Iran war could cause further damage to oil facilities across the Gulf region.
Brent crude fell by 35 cents, or 0.34%, to $101.90 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude declined by 62 cents, or 0.68%, to $90.49 per barrel.
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