Crude oil prices surge again in global market

Global oil prices have risen again due to ongoing tensions between the United States and Iran.

In the international market, Brent crude oil is now being sold at $111 per barrel, while WTI crude oil has reached $107 per barrel. The price of Murban crude oil has also increased to $108 per barrel.

Reports say oil prices had already started rising after US President Donald Trump rejected Iranian proposals and uncertainty grew over the possible opening of the Strait of Hormuz, an important global oil shipping route.

Meanwhile, the Government of Pakistan has announced new fuel prices effective from May 16, 2026.

According to the notification issued by the Petroleum Division, the prices of both petrol and diesel have been reduced by Rs5 per litre.

The new price of petrol has been set at Rs409.78 per litre, while diesel will now cost Rs409.58 per litre.

The revised prices came into effect from midnight and will remain valid for the next seven days.

The reduction has provided some relief to the public after recent increases in fuel prices.