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Oil prices hit highest level since 2008 amid Russia-Ukraine conflict, delay in Iran talks

02:44 PM | 7 Mar, 2022
Oil prices hit highest level since 2008 amid Russia-Ukraine conflict, delay in Iran talks
Source: File Photo

NEW YORK – Oil prices witnessed a sharp increase in anxious trading on Monday as they reached to highest since 2008 as US and Europe are considering ban on Russian products following its military operation in Ukraine.

Furthermore, the delay in talks for supply of Iranian oil in the international market also triggered frenetic trading in the international market.

Brent crude - the global oil benchmark – crossed $139 per barrel level, before settling at around $130, witnessing an increase of $9.95. It is the highest per barrel price since 2008 when Brent soared to $147.50.

On Sunday, US Secretary of State Antony Blinken said the US and its ally countries were discussing a ban on Russian oil supplies with other countries.

Later, US House of Representatives Speaker Nancy Pelosi said that a legislation was being explored to impose a ban on import of oil from Russia.

"The House is currently exploring strong legislation that will further isolate Russia from the global economy," BBC cited Pelosi’s letter as stating.

The comments from the key US officials comes as pressure is being built up on White House and other Western countries to take stern action against Russia for attacking its neighbouring country.

Efforts are underway to revive Iran's 2015 nuclear deal with world powers, so Tehran could release crude oil for stability in the international market.

However, uncertainty still hovers over its revival as Russia has sought a guarantee from the US that sanctions I facer following the Ukraine invasion will have nothing to do with trade with Tehran.

Responding to Russian demand, Blinken said that the sanctions slapped on Russian after Ukraine attack will not affect the potential nuclear deal with Iran.


Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 14 April forex rates

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 14, 2024.

US Dollar rate in Pakistan

On Sunday, the US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 14 April 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 299.95 302.9
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.45
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76


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