International energy markets witnessed a notable decline as crude oil prices fell sharply. Brent crude dropped to $68.79 per barrel, while WTI crude oil decreased to $64.13 per barrel, reflecting continued volatility in global demand and supply trends.
Energy analysts say the decline comes amid shifting geopolitical and trade dynamics that are influencing global fuel markets.
Indian Oil Buying Pattern Shifts
According to market sources, Indian Oil Corporation has reportedly halted purchases of Russian crude and instead secured nearly 6 million barrels from suppliers in West Africa and the Middle East. This shift highlights changing trade flows in the energy sector.
At the same time, the European Union has tightened restrictions related to Russian oil, adding further uncertainty to supply chains.
Gold and Silver Prices Also Under Pressure
Precious metals also recorded declines in the global market:
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Gold fell by 1%, reaching $5,016 per ounce
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Silver dropped 2.5% to $81.31 per ounce
Just days earlier, gold had touched $5,594 per ounce, while silver reached $121 per ounce, showing how quickly sentiment can shift.
Other Precious Metals
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Platinum declined 1.6% to $2,088 per ounce
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Palladium slipped to $1,710 per ounce
Experts say cautious investor behavior and broader economic uncertainty are putting pressure on commodity markets.
What This Means for Pakistan
Lower global oil prices can potentially ease import bills for energy-dependent countries like Pakistan, but currency exchange rates and local taxes also play a key role in determining domestic fuel prices.
Market observers expect further fluctuations depending on global political developments and economic data.
