MOSCOW (Dunya News) – Global crude oil prices have dropped sharply, falling close to 10 percent in international markets amid expectations of improved supply and hopes of easing geopolitical tensions.
According to market data, the price of Brent crude declined by $10.44, bringing it down to $88.48 per barrel.
Meanwhile, US crude oil prices also recorded a significant decline of 11.24 per cent, falling to $84.12 per barrel.
Analysts say the drop in oil prices is largely driven by optimism about a possible easing of conflict and expectations of improved supply in global markets.
However, experts warn that the situation remains uncertain due to ongoing tensions in the Middle East, and prices could rise again if the conflict escalates further.
The fluctuation in global oil prices may also affect petrol and diesel prices in several countries, including Pakistan, in the coming weeks.