ISLAMABAD (Lord Media): Global energy crisis resurfaces as tensions between the United States and Iran escalate, pushing crude oil prices to 87 U.S. dollars per barrel. On Tuesday, significant fluctuations were observed in global financial markets due to renewed military clashes between the U.S. and Iran, raising concerns over oil supply disruptions from the Middle East.
The latest clashes have led to a notable increase in crude oil prices, with varied reactions from major stock markets worldwide. Brent crude oil prices have risen to approximately 86 to 87 U.S. dollars per barrel, while the U.S. benchmark West Texas Intermediate has surpassed 80 U.S. dollars per barrel.
Both prices recorded an increase of about 3 to 4 percent yesterday, bringing Brent to its highest level in nearly a month.
