DUBAI: The ongoing conflict involving United States and Israel has begun to cause significant financial losses for economies worldwide.
According to Arab media reports, Dubai and Abu Dhabi stock markets in the United Arab Emirates have lost $120 billion since the outbreak of hostilities.
Rising oil and gas prices have also impacted consumers and businesses globally, causing losses estimated at PKR 111 billion.
Concerns over crude oil supply remain high, driving Brent crude prices to $113 per barrel and U.S. West Texas Intermediate (WTI) crude to $103 per barrel in international trading.
Asian stock markets have shown mixed reactions. Pakistan Stock Exchange’s benchmark KSE-100 index gained over 1.5%, closing at 148,743 points with an increase of 1,900 points.
Meanwhile, South Korea’s KOSPI index fell more than 4%, the Indian stock exchange declined by 2%, and Japan’s Nikkei index dropped by 1.5%.
The uncertainty in oil markets and regional instability continues to create volatility across global financial systems.
