pakistan
Oil touches 2-week high amid Iran war
Key takeaways
- Brent crude futures climbed $2.03, or 1.86%, to $111.29 a barrel by 0220 GMT, after touching $112 earlier, the highest since May 5.
- West Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to $108.70, its highest level since April 30.
- Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices extended gains on Monday as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran.
Brent crude futures climbed $2.03, or 1.86%, to $111.29 a barrel by 0220 GMT, after touching $112 earlier, the highest since May 5.
U.S. West Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to $108.70, its highest level since April 30. The front-month June contract expires on Tuesday.
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