Islamabad: (RightNow) Rising oil prices in the global market are causing an increase in petrol and diesel prices in Pakistan. Diesel prices have surpassed 400, while petrol prices continue to rise.

Global oil prices have increased by more than 2.5%. British Brent is trading at $107 per barrel, and US crude at $102 per barrel.

A crucial meeting of Gulf countries regarding the Strait of Hormuz has been postponed. Oman and Iran state that the decision was made by consensus.

The US President has commented on Iran’s maritime blockade, stating that Gulf countries’ decisions hold no significance for them.

It is noteworthy that the closure of the Saudi pipeline poses a risk of a 4% reduction in global oil supply. The oil reserve at Saudi Arabia’s Yanbu port is only sufficient for 5 to 7 days.