Global oil prices fell by more than $1 a barrel on Thursday, the main signal for anyone checking the petrol price in Pakistan today. Brent crude dropped $1.47, or 1.58 per cent, to $91.29 a barrel, while US West Texas Intermediate (WTI) fell $1.24, or 1.43 per cent, to $85.29. Global crude moves feed into fuel costs in oil-importing countries such as Pakistan, but these figures do not set a new local petrol rate.
Why international crude fell
The decline came as fears of further geopolitical escalation eased, which reduced concern about possible disruptions to supply. The move also reversed the previous day's gains, when both benchmarks had risen after a sharp drop had taken them to their lowest levels in two months. Investors expected diplomacy could ease tensions linked to the Russia-Ukraine conflict and the war involving Iran.
Russian and Ukrainian representatives agreed to a major prisoner exchange after two days of talks in Abu Dhabi. US mediators, however, said significant disagreements remained, particularly over territory. Ukrainian President Volodymyr Zelenskiy said he hoped meaningful progress could be made towards ending the conflict this year.
On Iran, US officials indicated that further military action was not necessarily required. Iran's security chief, Mohsen Rezaei, nevertheless warned that Tehran would not allow enriched nuclear material to leave the country and threatened consequences if Washington launched fresh strikes.
Supply and US stock pressures
Output from OPEC+, a group of major oil producers, rose in October, supported by stronger production from Saudi Arabia. Shipping through the Strait of Hormuz, a narrow sea route that carries large volumes of Gulf oil, continued to face disruptions. Higher output added pressure on prices even as diplomacy improved.
Market sources, citing figures from the American Petroleum Institute (API), said US crude stocks had risen by nine million barrels in the latest week. Official figures from the US Energy Information Administration were due later on Thursday, after a national holiday delayed their release. Investors were reassessing the global supply outlook, weighing easing geopolitical risk against higher output and growing inventories.
Uncertainty around the Strait of Hormuz limited how far prices could fall. For Pakistan, the effect of lower crude on the petrol price in Pakistan will depend on local pricing decisions, which these global figures do not cover.
Aasan alfaaz mein
Aaj Thursday ko international oil ki qeemat mein ek dollar se zyada ki kami aayi hai. Brent crude $91.29 aur WTI $85.29 per barrel tak aa gaye hain. Pakistan mein petrol ki qeemat local faislon par depend karti hai, is liye is kami ka asar dheere aur local rates mein dikhega. Abhi ke liye yeh sirf ek ishara hai ki global supply ka khatra kuch kam hua hai.
