International oil prices have officially crossed $116 per barrel just a few hours after natural gas prices in the European Union surged to highest level since 2022.
At the time of press, Brent was trading at $116.2 per barrel, up 2.7 percent or $3.06.
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Western Texas Intermediate (WTI) was up 3.13 percent or $3.11 to $102.6.
UAE crude used by Pakistan in this year’s crude oil imports was up 3.81 percent or $4.2 to $114.2
The new daily fuel pricing mechanism is expected to reflect the oil bulls in the coming sessions.
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