Islamabad: Global crude oil prices have risen by nearly 3%, with Brent crude climbing above $107 per barrel amid growing uncertainty surrounding the Strait of Hormuz.
The increase in oil prices came after Iranian authorities rejected a proposal by U.S. President Donald Trump to reopen the Strait of Hormuz within seven days.
The Strait of Hormuz is one of the world’s most important maritime routes for the transportation of crude oil and other energy products.
Market concerns over the ongoing uncertainty surrounding the strategic waterway have contributed to renewed pressure on global oil prices, with traders closely monitoring developments in the region.