Middle East War: Crude oil prices surge by more than 3pc in global market

Singapore: Crude oil prices have increased by more than 3 percent on the first day of trading in the global market after the war in the Middle East intensified.

Brent crude oil is currently trading at around $80 in the global market, while global gas prices are being sold at $3.90 per MMBTU.

In addition, WTI crude oil has crossed the level of $76 per barrel.

It is pertinent to note that the increase in oil prices in the international market due to the Iran-Israel war will also affect the Pakistani economy.

According to the analytical report, Pakistan’s current account deficit and inflation will increase. Oil at $75 per barrel could increase Pakistan’s current account deficit by $2.3 billion, while oil at $80 per barrel will have a negative impact of $2 billion on the current account deficit.

According to the report, oil at $85 per barrel will have a negative impact of $3.1 billion on the current account deficit, while oil at $90 per barrel could increase the current account deficit by $3.49 billion.