Global crude is at its highest since the end of April and on track for a fourth straight month of gains. Brent crude futures for December were up $2.287, or 2.5 per cent, at $117.75 a barrel as of 1707 GMT (10:07pm Pakistan Standard Time), after touching a high of $118. The more actively traded January Brent contract gained $3.23 to $114.03, while US West Texas Intermediate (WTI) crude futures rose $2.74, or 2.7 per cent, to $104.79.
Why prices are moving
Traders are bracing for a potential escalation in the Iran war after the US midterm elections. An attack on a tanker in the Strait of Hormuz—a narrow waterway through which a large share of seaborne oil usually passes—has highlighted supply risks. Those concerns have helped push oil prices rise again in the latest session, adding to gains already built over recent months.
The December Brent contract is due to expire on Friday, which can add short-term volatility as positions are closed or rolled into later months. The January contract’s larger move, to $114.03, shows how active trading interest has shifted beyond the expiring month.
What the figures show
At $117.75, December Brent is 2.5 per cent higher on the day after a $2.287 rise. WTI’s advance of $2.74 to $104.79 marks a 2.7 per cent session gain. Together, the benchmarks underline that oil price news today Pakistan readers are tracking is driven by international futures markets, not a domestic pump-price announcement in this update.
Timeline: what has happened so far
- End of April — Crude last stood near the highs now being revisited as prices’ strongest levels since then.
- After the US midterm elections — Traders braced for a potential escalation in the Iran war.
- Friday — The December Brent futures contract is scheduled to expire.
- Latest session (10:07pm PKT) — Brent December traded at $117.75 after a tanker attack in the Strait of Hormuz spotlighted supply risks; prices remain on course for a fourth monthly gain.
What happens next
Markets will watch whether Hormuz-related risks ease or worsen, and how traders reposition ahead of the December contract’s Friday expiry. Any sustained rise in global crude typically feeds into Pakistan’s import costs over time; local petrol and diesel rates are set separately and are not listed in this update.
Aasan alfaaz mein
Duniya bhar mein tel (crude oil) mehnga ho raha hai. Brent tel ki qeemat $117.75 barrel tak pohonch gai hai. Hormuz ke raaste tanker par hamle ke baad supply ka khatra barh gaya hai. Pakistan ke liye is ka matlab yeh hai ke imported tel mehnga par sakta hai, lekin pump ki nayi qeemat is khabar mein nahi di gai.
