LONDON: Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.

Brent futures for June delivery were up $1.35, or 1.5 per cent, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.

US West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5pc, to $84.98 after touching a peak of $85.46, also the highest since October.

A Ukrainian drone struck one of Russia’s biggest refineries on Tuesday in an attack that Russia initially said it repelled.

Published in Dawn, April 3rd, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

IMF’s unease
Updated 24 May, 2024

IMF’s unease

It is clear that the next phase of economic stabilisation will be very tough for most of the population.
Belated recognition
24 May, 2024

Belated recognition

WITH Wednesday’s announcement by three European states that they intend to recognise Palestine as a state later...
App for GBV survivors
24 May, 2024

App for GBV survivors

GENDER-based violence is caught between two worlds: one sees it as a crime, the other as ‘convention’. The ...
Energy inflation
Updated 23 May, 2024

Energy inflation

The widening gap between the haves and have-nots is already tearing apart Pakistan’s social fabric.
Culture of violence
23 May, 2024

Culture of violence

WHILE political differences are part of the democratic process, there can be no justification for such disagreements...
Flooding threats
23 May, 2024

Flooding threats

WITH temperatures in GB and KP forecasted to be four to six degrees higher than normal this week, the threat of...