Islamabad (Commerce Desk) — A significant increase has been recorded in global crude oil prices, with the per-barrel price rising by more than $2.
According to foreign news agencies, oil prices increased in the global market due to a decline in US crude oil inventories.
Reports stated that crude oil prices had decreased the previous day due to a temporary reduction in tensions between Washington and Tehran; however, prices rose again during the new trading session.
The price of Brent crude oil futures increased by $2.71, or 3.2 percent, reaching $86.80 per barrel.
Similarly, the price of US West Texas Intermediate (WTI) crude oil also recorded an increase of $2.26, or 3.4 percent, after which it continued trading at $81.95 per barrel.