Price of oil in the international market reached its highest level since 2011
The price of crude oil in the world market reached its highest level since 2011.
The impact of the attack on Ukraine on the global economy is rapidly increasing, leading to rising crude oil prices in the world market.
The price of crude oil in the world market has crossed $110 and Brent crude crossed the level of $111 per barrel during trading while the price of WTI rose above 5% to $109 per barrel.
To keep oil prices stable on the world market, the US President has announced the release of 30 million barrels of oil from his strategic reserves.
On the other hand, the US and European markets continued to decline, with the Shanghai and Hong Kong stock exchanges also declined by one percent.
In addition, the rise in oil prices since 2011 is likely to increase Pakistan’s import bill.