Crude oil prices are now climbing towards $110 as diplomatic efforts to end the US-Iran war show little concrete progress.
Brent crude is now trading at around $105 per barrel, while West Texas Intermediate (WTI) has crossed $94 per barrel.
Oil prices had fallen earlier as markets responded to signs that Iran was open to diplomacy and that more crude could move through Saudi Arabia’s East-West pipeline and the Strait of Hormuz.
No progress at the United Nations General Assembly (UNGA) has reduced expectations of a quick end to the war.
Iran has indicated that it is willing to pursue diplomacy, but Washington looks confused over the terms for ending the war. Iran’s proposals include lifting the US naval blockade on its ports and reopening the Strait of Hormuz.
The Strait remains particularly important for global energy markets because any prolonged disruption to oil shipments through the route could keep supply concerns elevated.
For Pakistan, sustained crude prices at these levels could add pressure to domestic fuel costs, particularly if the increase persists through the pricing period used to determine local petrol and diesel prices.
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