The ongoing conflict in the Middle East and US President Donald Trump’s threat to launch more attacks on Iran have sent oil prices skyrocketing. Brent crude prices surged 6% to hit $107 per barrel, while US crude prices also rose to $110 per barrel. Meanwhile, Asian stock markets are also experiencing a downward trend, with the Pakistan Stock Exchange (PSX) 100-Index plummeting to 1,52,011 points, down 3,500 points from its previous level. The South Korean Kospi Index saw a decline of about 4.5%, while Japan’s Nikkei index fell by more than 2%.
In Pakistan, the value of the Iranian currency has increased due to the ongoing conflict between the US and Iran. The government has announced that it will launch an operation against retailers and shopkeepers who are selling Liquefied Petroleum Gas (LPG) at exorbitant prices. Consumers have complained that LPG is being sold at a price of Rs 200 more than the government-set rate, with the price of a kilogram of LPG reaching Rs 530 in the district.
The PSX 100-Index closed the last trading week at 150,398 points, down 1,308 points from its previous level. Vice Chairman of the All Pakistan Petrol Pump Association, Naeem Butt, expressed concern over the increasing prices of petroleum products. The Federal Bureau of Statistics has released a weekly report on inflation, which shows that the prices of essential commodities continue to rise.
The value of gold has also increased in Pakistan’s currency markets, while the prices of fuel and other petroleum products continue to rise. The Pakistan Public Transport Owners Association has demanded that the government reverse the increase in diesel prices. According to data, the country’s exports declined by 8% from July to March.
The State Bank of Pakistan has announced a major initiative to strengthen the financial literacy of the youth in the country. The prices of gold in Pakistan’s currency markets have reversed their trend, while the ongoing conflict in the Middle East has led to a significant increase in the cost of trade across the globe.
The Economist, a British magazine, has released a list of countries that are facing the most severe consequences of the oil crisis caused by the ongoing conflict in the Middle East. US President Donald Trump has hinted that the US is considering a plan to seize control of Iran’s oil, saying that those who see Iran will see a ruined country.
Meanwhile, the Hizb-ut-Tahrir has announced that it will cooperate with the Pakistan Electronic Media Regulatory Authority (PEMRA) in its efforts to curb hate speech on electronic media. The UAE media has reported that the global aviation industry is facing pressure due to the conflict in the Middle East, with airlines across the world increasing their fares.
Iran has responded to US President Donald Trump’s threats by calling them “vulgar” and “insulting”. The value of the Iranian currency has increased in Pakistan due to the ongoing conflict between the US and Iran. Israeli security officials have said that the Israeli intelligence agency helped the US in its mission to rescue American pilots held captive by Iran.
