Oil Crosses $105 Again

Crude oil rates are now climbing towards $110 as diplomatic efforts to end the US-Iran war show little concrete progress.

Key points

• While West Texas Intermediate (WTI) has crossed $94 per barrel, brent crude is now trading at around $105 per barrel.
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• 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.

Oil rates 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. 3 Major Refineries Sign Govt Deals for Upgrades.

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.

In practice, the Strait remains particularly significant for global energy markets as any prolonged disruption to oil shipments through the route could keep supply reservations elevated.

For Pakistan, sustained crude rates at these levels could add pressure to domestic fuel costs, particularly if the rise persists through the pricing period applied to determine local petrol and diesel costs. Stay Connected with ProPakistani.

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Taken together, the developments around oil Crosses $105 Again point to a situation that is still moving, and the coming days should bring more clarity.