The American President Joe Biden has arrived in the Middle East to assessthe situation in Israel, where there has been a significant decrease incrude oil prices.
Just yesterday, Brent crude oil was trading at $89.50 per barrel. Lastweek, concerns arose about potential conflict between Israel and Hamas inthe 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 conflictbetween Hamas and Israel, and it’s suggested that he may attempt to uniteArab states to prevent regional conflicts.
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If a ceasefire between Hamas and Israel is achieved, there is a possibilityof a significant drop in global oil prices, which could lead to lowerpetroleum product prices in Pakistan.