MOSCOW (Web Desk): Prices of crude oil in the global market have recorded a notable decline, dropping by around 10 per cent amid expectations of better supply conditions and hopes of reduced geopolitical tensions.
Read also: Oil prices surge 10pc amid Iran conflict, Pakistan may face rising fuel costs
According to international market data, the price of Brent crude fell by $10.44, settling at $88.48 per barrel.
At the same time, US crude oil also witnessed a sharp decrease of 11.24 per cent, with prices reaching $84.12 per barrel.
Market analysts say the decline in oil prices is mainly linked to expectations that the conflict may ease and global oil supplies could improve.
However, experts caution that the situation remains uncertain due to continuing tensions in the Middle East, and prices could rise again if the conflict intensifies.
The change in international oil prices could also influence petrol and diesel prices in several countries, including Pakistan, in the coming period.
global oil prices, Brent crude oil, US crude oil, energy market, Middle East tensions, oil price decline, petrol prices, Pakistan economy, Dunya News
