The American President Joe Biden has arrived in the Middle East to assess the situation in Israel, where there has been a significant decrease in crude oil prices.
Just yesterday, Brent crude oil was trading at $89.50 per barrel. Last week, concerns arose about potential conflict between Israel and Hamas in the oil-producing region, causing an increase in oil prices.
Due to tensions in the Middle East, global oil prices saw a 7.5% increase. President Biden's visit could play a crucial role in mediating the conflict between Hamas and Israel, and it's suggested that he may attempt to unite Arab states to prevent regional conflicts.
If a ceasefire between Hamas and Israel is achieved, there is a possibility of a significant drop in global oil prices, which could lead to lower petroleum product prices in Pakistan.