Oil near $100 as Iran war keeps global markets on edge

Global oil prices stayed close to $100 a barrel as the Iran war entered a third week, with markets reacting to continued fighting and uncertainty over tanker movement through the Strait of Hormuz. The report says investors remain focused on the risk of wider disruption to energy infrastructure and shipping routes in the Gulf.

According to the story, crude prices spiked after US strikes on Iranian targets linked to the country’s oil network, while diplomatic efforts continued to secure shipping through Hormuz. Equity markets, meanwhile, remained unsettled as traders weighed geopolitical risk against the possibility of further supply shocks.

For Pakistan, the development is significant because higher oil prices and instability in Gulf shipping lanes can quickly affect fuel costs, inflation and import financing. The story underscores how the broader war is feeding volatility across both commodity and financial markets.