ISLAMABAD | November 6, 2026
Global crude oil prices have fallen sharply this week amid growing expectations of reduced tensions in the Iran conflict, while petroleum prices in Pakistan have also recorded a significant decline.
According to a report published by 24 News HD, petrol prices in Pakistan have dropped by Rs25.32 per litre so far this week, while high-speed diesel has become cheaper by Rs20.71 per litre.
International benchmark Brent crude and US West Texas Intermediate (WTI) are on track for weekly declines of around 12%, reflecting market expectations that tensions between the United States, Israel and Iran could ease.
The report attributed the changing market outlook partly to the outcome of the US midterm elections, after which expectations emerged that the conflict could see reduced intensity.
Oil prices fell by nearly 8% on Wednesday, reaching their lowest levels in approximately two months. Prices subsequently recovered on Friday, however, as concerns over potential disruptions to global supplies persisted.
Brent crude futures for January delivery rose by $1.29 to $99.58 per barrel, while US WTI crude gained 86 cents to reach $91.38 per barrel.
Despite Friday’s recovery, both benchmarks remained on course for substantial weekly losses.
Meanwhile, attacks on oil tankers in the Gulf region and the Strait of Hormuz have renewed concerns about the security of energy shipments from the Middle East. Incidents reported on Wednesday and Thursday heightened fears that disruptions to regional oil transportation could affect global supply.
Market movements will continue to depend on developments in the conflict, the security of shipping routes and expectations for future oil supplies.
