London: Global oil prices moved higher after reported attacks on ships in the Strait of Hormuz raised fresh concerns over energy supply routes. Brent crude increased by 1.8 percent to reach $72.77 per barrel, while US crude rose by 1.9 percent to $69.30 per barrel. UAE Murban crude was reported at around $68 per barrel. The Strait of Hormuz is a key global oil passage, so any security tension in the region can quickly affect fuel prices, shipping costs, inflation, and investor sentiment. Higher oil prices may increase construction, transport, and development costs in Pakistan, indirectly affecting real estate and business activity. Can global energy pressure raise local market costs again?
