Tensions in Arab countries, oil prices at 7-year high

Lahore: Rising tensions in the Arab world are also reported to be affecting oil prices, which have reached a seven-year high.

According to Arab media, a drone strike was carried out by Houthi rebels at Abu Dhabi airport yesterday in which a Pakistani was killed. Since the attack, the price of oil has risen by $1 in view of possible disruptions in oil supplies. This is cited as the biggest increase in the last 7 years.

In this regard, experts say that due to the new geographical and political tensions, there are signs of a difficult situation in the entire market and the price of Brent crude has risen 85 cents or 1 percent to reach 87.33 dollars per barrel. Earlier, this happened on October 29, 2014, when it reached 87 87.55 per barrel in one day.

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Similarly, US West Intermediate crude oil prices rose by 13% or 14%. That was the highest level in two months, while trade was suspended in the United States on Monday due to a public holiday.

Even after the Houthis hit the oil tankers with drones and missiles, they warned that they would hit more targets. The United Arab Emirates (UAE), on the other hand, has said it reserves the right to take action against terrorist attacks.

The economic analyst also said that one of the reasons for the rise in oil prices is the severe cold weather as the use of fuel for heating is increasing. According to reports, the UAE oil company said that even after the missile strike, plans have been made for an uninterrupted supply of oil to its local and international buyers.

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According to experts, demand is expected to exceed supply this year as the world opens up after a two-year lockdown and returns to normal life, with a balance between supply and demand unlikely.

The economist said that if the current geopolitical tensions continue and OPEC Plus members fail to supply 400,000 barrels of oil per day, prices could rise further and move towards the $100 mark. 

Some oil-producing countries are trying to use their production capabilities to avoid shortages and investment shortages, which are also part of an agreement with Russia and its allies, which are known as OPEC Plus. According to the agreement, 400,000 barrels of oil will be supplied every day.

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