Islamabad: (RightNow) Global oil prices have significantly increased. Brent crude oil has surpassed $94 per barrel, while US oil has reached $87 per barrel.

Reuters reports that tensions in the Middle East and concerns over supply disruptions have driven the price increase. US oil prices have risen by 0.26%, and UK oil prices by 0.65%.

Reduced oil shipments through the Strait of Hormuz are impacting global supply. Potential sanctions on Iran could further increase prices. Additional supply from the US and other sources is maintaining balance.

It is important to note that rising oil prices in the global market are significant for Pakistan. The country’s petroleum imports affect local prices. The value of the rupee, import costs, and taxes influence local prices.

In Pakistan, petrol and diesel prices are set daily based on global changes. Since August 21, 2026, prices have increased by 3.81 and 3.59 rupees per liter.