Oil prices rose on Sunday as some Middle East officials gathered in Islamabad to discuss de-escalation efforts to end the US and Israel’s war on Iran.
Brent oil reached $115.73 a barrel when markets reopened, a $3 increase from its Friday high of $112.57. Western Texas Intermediate hit $103.13 a barrel on Sunday.
Oil prices have surged since the US and Israel began bombing Iran at the end of February, and Iran retaliated by essentially closing the Strait of Hormuz. About 20% of the world’s oil supply and liquified natural gas passes through the waterway off Iran’s coast. Major oil hubs across the Middle East have also been damaged during the conflict, further straining the global supply chain.
For Americans, that translates to higher gas prices. The national average was $3.98 on Sunday, up from $2.98 in February. The International Energy Agency has released 400 million barrels of oil from a strategic reserve to ease economic uncertainty.
Although US Energy Secretary Chris Wright said on March 8 the war wouldn’t be “long-term,” the Trump administration and Iranian officials have not yet signaled an exit plan. On Saturday, The Washington Post reported that the Pentagon is preparing for weeks of ground operations in Iran.
Many global leaders are urging de-escalation, including Pakistani Foreign Minister Mohammad Ishaq Dar, who is meeting with foreign ministers from Egypt, Saudi Arabia, and Turkey in Islamabad on Sunday and Monday.
Dar said the group had a “very detailed and in-depth discussion” about the regional situation in a statement shared to X.
“We also discussed the possible ways to bring an early and permanent end to the war in the region,” Dar said. “We agree that the war is not in favour of anyone and would only lead to death and destruction.”
Dar added that the US and Iran have “expressed their confidence in Pakistan” to assist with peace talks.
“We have remained actively engaged with the US leadership as well, as part of our efforts to de-escalate the situation and find a peaceful resolution of the conflict,” Dar said. “In this context, Pakistan is very happy that both Iran and the US have expressed their confidence in Pakistan to facilitate these talks.”
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