Global oil prices hit weekly lows amid Middle East diplomatic hopes

Global oil prices have dropped to their lowest levels in over a week. Brent crude fell by 2.08 percent to $101.71 per barrel, while West Texas Intermediate (WTI) decreased by 2.14 percent to $98.15 per barrel. This decline is attributed to potential diplomatic openings regarding Iran-related tensions surrounding the United Nations General Assembly, as well as stabilized supplies from Saudi Arabia despite Houthi rebel attacks in Yemen.

In Bangladesh, political figures have commented on the domestic impact of global energy volatility. BNP Acting Secretary Ruhul Kabir Rizvi noted that while global prices are unstable due to Middle Eastern conflicts, fuel prices in Bangladesh remain lower than in many other nations due to government subsidies. He highlighted that the government continues to face significant losses, such as approximately 70 BDT per liter of diesel, to maintain these prices.