Global oil markets witnessed a significant decline as crude prices dropped sharply, raising expectations of possible relief in fuel costs for importing countries like Pakistan.
According to international reports, Brent Crude Oil prices fell by 10.67 percent, bringing the rate down to $98.57 per barrel during the latest trading session.
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Similarly, West Texas Intermediate (WTI) crude recorded an even steeper decline of 11.41 percent, settling at $90.57 per barrel.
In addition to oil, natural gas prices also showed a downward trend, decreasing by 2.76 percent to $2.73 per MMBtu, reflecting broader softness in global energy markets.
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Experts attribute the decline to multiple factors, including slowing global demand, increased supply, and ongoing economic uncertainty in key markets. Analysts suggest that weaker industrial activity and cautious investor sentiment have also contributed to the price drop.
Market observers note that if the downward trend continues, it could influence petroleum product prices worldwide, including in Pakistan, where fuel costs are heavily dependent on international rates.
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As a net importer of energy, Pakistan often benefits from falling global oil prices, which can ease inflationary pressure and reduce the burden on consumers.
However, analysts caution that oil markets remain volatile, and any geopolitical developments or supply disruptions could quickly reverse the current trend.
