Global oil prices have climbed about 12 percent since Friday, reaching their highest levels in nearly a month after US restarted military strikes against Iran.
During Asian trading on Tuesday, Brent crude rose to around $87 per barrel, while West Texas Intermediate (WTI) approached $84 per barrel. Some traders said fuel prices could rise in Pakistan again this week.
Traders are also reassessing the outlook for the Strait of Hormuz. Hopes that crude shipments would quickly return to normal have weakened with war now back in the melting pot.
Trump recently proposed a 20 percent fee for ships using the Strait of Hormuz in exchange for US security protection. However, the proposal has raised questions among X commentators, who say there are few details about how such a system would work or whether it is practical.
Some researchers shared that a 20 percent levy on a supertanker carrying around 2 million barrels of crude priced at $80 per barrel would amount to roughly $32 million, increasing transportation costs by about $16 per barrel. This is far higher than the approximately $1 per barrel transit fee Iran has previously sought.
Stay Connected with ProPakistani
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.
