Oil jumps 2% as tanker strikes near Hormuz revive supply fears; WTI settles at $93.74
WTI settled at $93.74 on 12 October, up 2.06 per cent (FinancialJuice, ANSA). Tanker attacks near Hormuz and the Houthi strikes on Saudi Arabia lifted prices after an earlier fall on hopes of more Russian supply (Al Jazeera, Investing.com, CNA). Iran called the US reply to its reopening proposal “insufficient” (Haaretz, Rappler). India’s Sensex fell 548 points (The Hindu).
Pakistan imports most of its oil, so every dollar on the barrel raises petrol, power and transport costs and widens the trade gap. Disruption at Hormuz also hits liquefied natural gas supply from Qatar.
Expect pressure on petrol and diesel prices at the next fortnightly review; fuel-price changes are announced by the government, not decided by the market alone.
Traders say the geopolitical premium is rising because attacks are now hitting shipping and Saudi infrastructure at once.
Others argue a Russian diesel supply deal and Iranian talks could pull prices lower quickly.
Oil is the channel that turns these faraway attacks into Pakistani household costs. Watch Iran’s answer to the US and whether the Riyadh airport closure spreads to energy infrastructure.
DailyDrop Pakistan edition No. 9 · Morning · TUE., OCT. 13, 2026