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 […]
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 […]
Pakistan Continues Fuel Cuts and 4 Day Workweek Until June 13
Pakistan on Monday extended its nationwide austerity drive and fuel conservation measures until June 13 as uncertainty surrounding the Middle East conflict continues to pressure global oil markets. The Cabinet Division issued a formal notification after Shehbaz Sharif approved the extension on the recommendations of the implementation committee. According to the notification, the government will […]
US pauses ‘Project Freedom’ amid breakthrough talks with Iran
United States President Donald Trump said on Tuesday he would briefly pause a military-backed operation escorting commercial ships through the Strait of Hormuz, citing “great progress” toward a comprehensive agreement with Iran. The move came hours after Secretary of State Marco Rubio detailed the effort, which began on Monday to guide stranded tankers out of […]
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 […]
Crude Rally Sparks Fears of $140 Oil Amid Rising Tensions
Global markets jolted as the oil price surge global markets intensified following fears that Donald Trump could tighten or prolong measures affecting Iranian oil flows, pushing crude prices sharply higher and fuelling inflation concerns. Oil Prices Spike on Geopolitical Fears Brent crude jumped about 6 percent overnight to a four-year high of $122.53 a barrel. […]
Iran Proposes Strait of Hormuz Deal to US to End Conflict
A new diplomatic proposal linked to Pakistan’s mediation efforts is aiming to revive stalled nuclear talks between the United States and Iran, while also addressing tensions around the strategically critical Strait of Hormuz, a key global oil transit route. The proposal, discussed through backchannel diplomacy and reported by Axios, outlines a framework designed to de-escalate […]
Europe’s EV Sales Jump 51% as Iran War Drives Fuel Costs Higher
Electric vehicle sales across Europe have surged sharply as rising fuel prices linked to the Iran war push consumers away from petrol and diesel cars, highlighting how geopolitical tensions are accelerating the shift toward cleaner transport. Data from European industry groups shows that fully electric vehicle sales jumped by more than 50% in March alone […]
Oil Prices Fall on Ceasefire Hopes in Middle East, Offering Relief to Global Markets
Global oil prices dropped sharply after growing optimism over a possible ceasefire in the Middle East eased fears of supply disruptions, offering potential relief to economies and consumers worldwide. Oil Prices Drop on Peace Signals Oil markets reacted strongly after reports suggested that the United States had proposed a ceasefire plan to Iran, raising hopes […]
Oil, Weapons and Gold: The Industries Profiting From the Iran-US Tensions
Energy exporters, refiners and defense companies often gain when global conflicts disrupt markets. Dubai: Tankers idling near the Gulf, traders scrambling for alternative crude supplies and defense companies preparing for new military orders. History shows that wars rarely leave financial markets untouched. The latest escalation between Iran and the United States has sent shockwaves through […]