Islamabad (HRNW)- Global financial markets remained volatile on Tuesday as rising tensions in the Iran conflict and uncertainty over ceasefire talks sent oil prices up nearly 5 percent, weighing on global stock markets.
Brent crude rose $4.30 to $99.78 a barrel, nearing the $100 mark. Similarly, West Texas Intermediate (WTI) rose $4.75 to $94.36 a barrel, one of the biggest one-day gains in recent weeks.
According to experts, this surge in oil prices has come about due to new military tensions related to the Iran war, a breakdown in diplomatic efforts and concerns about oil supply disruptions. Global stock markets also saw a downturn due to this situation, while investors seemed inclined towards safe investments, adopting a cautious strategy.
Economic analysts say that if tensions in the region continue, there is a risk of further volatility in energy prices and increasing pressure on the global economy.
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