Brent crude traded around 98 USD per barrel, up nearly 5%, while the S&P 500 and Nasdaq Composite indices achieved new highs for the second consecutive session.
The U.S. Energy Information Administration (EIA) stated that fuel prices could continue to rise for several months, even if the Strait of Hormuz is no longer blockaded.
Pakistanis are increasingly purchasing electric motorcycles and utilizing rooftop solar power for charging amidst rising gasoline prices due to the Middle East conflict.
Long-term oil futures prices are notably lower than short-term contracts, indicating investors believe current levels above 100 USD per barrel are temporary.
