#oil-price-crisis

#oil-price-crisis

Oil prices surged to $96 from $71 in ten days due to Iran war closing the Strait of Hormuz, threatening $200 crude and creating significant risk for discretionary retailers like Target, Five Below, and Dollar General.

The government will not tolerate energy firm profiteering from rising oil prices and will use competition watchdog intervention to prevent petrol price rip-offs, while rejecting new North Sea exploration licenses as ineffective for bill relief.

Pakistan implemented fuel and cost-saving measures including school closures, government salary cuts, and iftar gathering bans to address economic strain from the US-Israel-Iran conflict's impact on oil prices.