Crude oil prices increase by 3.5% in global market

ISLAMABAD: Crude oil prices in the global market have gone up by 3.5% after rising tensions in the Middle East. Experts say the increase in oil prices could create political pressure for Republicans in the United States.

According to international media reports, the price of US crude oil has reached $105.3 per barrel. British crude oil has also increased to $117 per barrel.

Meanwhile, White House officials said that US President Donald Trump held an important meeting with heads of energy companies. The meeting focused on the global oil market and the possible blockade of Iranian ports.

Officials said oil production, shipping, and the gas market were discussed in detail. The US also reviewed its energy strategy in case the blockade continues for a long time.

The spokesperson added that steps were also discussed to reduce the impact of higher oil prices on American consumers.

US officials said diplomacy and agreements remain the top priority in dealing with Iran, but pressure through the blockade is still continuing.

Earlier, Iranian Parliament Speaker Mohammad Baqer Qalibaf said oil prices had already reached $120 per barrel because of US blockade policies. He warned that prices could rise further to $140 per barrel.