Global oil prices dropped sharply on Monday after signs emerged that the United States and Iran were moving closer to a potential peace agreement that could eventually reopen the Strait of Hormuz, one of the world’s most critical energy routes. Brent crude futures fell $4.71, or 4.55%, to settle near $98.83 per barrel. US West […]
Govt Reduces Petrol, Diesel Prices for Second Straight Week
Pakistan on Friday reduced petrol and diesel prices for the second consecutive week as the government attempted to ease pressure on consumers following months of sharp increases linked to tensions in the Middle East and disruptions in global oil supplies. According to a notification issued by the Petroleum Division, petrol prices fell by Rs6 per […]
UAE Rushes New Oil Pipeline as Hormuz Crisis Deepens
Abu Dhabi National Oil Company said its new crude pipeline bypassing the Strait of Hormuz is nearly 50% complete. The United Arab Emirates accelerated construction after disruptions linked to the Iran war hit global oil supplies. ADNOC chief Sultan Al Jaber shared the update during a live streamed Atlantic Council event on Wednesday. “Today, it’s […]
Pakistan Could Buy Russian Oil Under New US Licence
Pakistan could gain temporary access to Russian crude oil under a new 30-day licence issued by the United States Department of the Treasury, diplomatic sources told Dawn, as Washington attempts to ease mounting pressure on global energy markets. The temporary measure aims to help energy-vulnerable countries secure crude supplies during ongoing disruptions caused by tensions […]
India, UAE Deepen Military Ties Amid Iran War Tensions
Narendra Modi and leaders of the United Arab Emirates agreed on a framework for a strategic defence partnership on Friday as both countries moved to deepen security and energy cooperation amid continuing instability in the Gulf region. According to a statement from India’s foreign ministry, the agreement covers defence industrial collaboration, maritime security, cyber defence, […]
Iran Reviews US Offer While Trump Signals Fast End to Conflict
US President Donald Trump said the ongoing conflict involving Iran could end “quickly,” while Tehran confirmed it was still reviewing a US proposal delivered through Pakistani mediation aimed at easing tensions over the Strait of Hormuz and Iran’s nuclear programme. Speaking during a tele-rally for Georgia Republican governor candidate Burt Jones, Trump defended Washington’s actions […]
Oil Falls as US Moves to Free Stranded Ships in Strait of Hormuz
Oil prices edged lower on Monday after Donald Trump said Washington would begin efforts to free ships stranded in the Strait of Hormuz, although the absence of a US-Iran peace deal kept crude trading above $100 a barrel. Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by 2308 GMT, extending a […]
Oil Price Hits $107 as Trump Signals More Strikes on Iran
Global oil markets surged sharply after US President Donald Trump warned of intensified military action against Iran, raising fears of prolonged conflict and further disruption to global energy supplies. Brent crude jumped to $107.60 per barrel, while West Texas Intermediate rose about 6.4% to around $106.50, as traders reacted immediately to the remarks. The spike […]
Oil Prices Drop After Trump Signals Possible End to Middle East War
Global oil prices fell sharply after surging to their highest levels in years, following comments from US President Donald Trump suggesting that the ongoing war in the Middle East could end sooner than expected. The sudden shift in sentiment eased fears of prolonged supply disruptions that had rattled energy markets earlier in the week. The […]