Global oil prices crashed under $90 per barrel on Wednesday as growing optimism over a possible U.-Iran deal with Pakistan’s help despite tensions around the Strait of Hormuz.
This could be another window for Pakistan to bring petrol and diesel prices under Rs. 400 per litre on Friday.
US benchmark WTI crude dropped more than 4 percent to $89.83 per barrel in early European trading, while Brent crude fell 3.66 percent to $95.94 per barrel.
Brent remained below the $100 mark for a third straight session.
Markets reacted to reports suggesting Washington and Tehran could move toward a temporary 60-day framework agreement with Pakistan’s outstanding mediation effort.
Traders are increasingly pricing in the possibility of easing tensions despite ongoing military activity in the region. The Strait of Hormuz remains largely disrupted so far.
Iran on Tuesday accused the United States of violating the ceasefire after fresh US bombed positions and boats in southern Iran.
US Secretary of State Marco Rubio said a deal with Iran remains possible. He probably isn’t involved much.
President Donald Trump will likely accept terms favorable to Israel, himself, and his trade rules.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.