Oil Prices Rise Over $1 on Renewed US‑Iran Vessel Attacks in Hormuz
Brent and WTI crude jumped about 1.25% as US and Iranian strikes on ships in the Strait of Hormuz revived fears of supply disruptions, pushing Brent above $97 a barrel.
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Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Oil & Gas sector likely to benefit from higher crude prices – Buy bias on related tickers.
Sectors & Direction
Desk read
Desk call: Buy bias · Positively affected
- Oil & GasPositively affected
Companies
Mentions in This Briefing
Sectors: Oil & Gas — Positive · Buy bias. PSX tickers: OGDC, HUBC. Oil & Gas sector likely to benefit from higher crude prices – Buy bias on related tickers.
Full Story
Open on Profit## Market Move
Oil markets rallied on Monday after a series of retaliatory attacks by the United States and Iran on vessels navigating the Strait of Hormuz and nearby waters. The heightened tension revived concerns over a prolonged interruption to Middle‑East oil flows.
## Price Action
- Brent crude futures climbed $1.20, or 1.25%, to $97.48 per barrel by 07:27 GMT. - U.S. West Texas Intermediate (WTI) rose $1.14, also 1.25%, to $92.62 per barrel.
## Recent Context
The price surge follows a week in which Brent gained 7.8% and WTI nearly 10% after the two sides resumed attacks that have curtailed oil shipments through the Hormuz corridor, a chokepoint through which roughly 20% of global oil passes.
## Implications for Pakistan
Higher crude prices can lift earnings for domestic oil‑and‑gas producers and related service firms, while also putting pressure on import‑dependent sectors and the broader economy through increased fuel costs.
## Outlook
Analysts expect oil volatility to persist as long as the geopolitical standoff continues. Investors should monitor further developments in the region and any policy responses from major oil‑consuming economies.