Syeda Mubeena Hashmi Posted in Business
ISLAMABAD: Pakistan’s central bank faces a difficult decision on its policy rate amid rising inflation and higher global fuel prices linked to the prolonged Gulf conflict. The current rate stands at 11.5 per cent, with bankers expecting no change while some analysts foresee a 50-basis-point increase. Inflation rose to 11.1pc in August, adding pressure on the State Bank. Read More…
0 CommentsSyeda Mubeena Hashmi Posted in World
Brent crude climbed above $100 a barrel on Wednesday as renewed US-Iran hostilities raised concerns over global oil supplies. Prices have fluctuated sharply since the conflict began in February, with Brent previously reaching $126.41. WTI also surged before retreating following hopes of de-escalation and strategic reserve releases. Renewed strikes have now pushed prices higher again, reigniting supply concerns. Read More…
0 CommentsHafsa Mustafa Posted in World
US Senate Minority Leader Chuck Schumer has accused President Donald Trump of overlooking mounting economic pressures at home while pursuing another conflict in the Middle East. In a post on X, Schumer pointed to rising petrol prices and the US national debt, which has surpassed $40 trillion, while criticising Trump’s focus on the war. “Gas above $4/gal. National debt at $40 trillion. Another endless war in the Middle East,” Schumer wrote. Read More…
0 CommentsHafsa Mustafa Posted in World
The top US priority now in the Iran war is no longer its nuclear programme but to bring gasoline prices down for American consumers, the vice president said, with the treasury secretary adding that new economic punishment to wear down Tehran is imminent. "I know that oil is down today and it’s way down from the highs in the early days of the conflict," Vance said on Fox News. "That's goal number one, keep oil and gas cheap for Americans all over our country." "And then obviously goal number two… Read More…
0 CommentsHafsa Mustafa Posted in World
Jamaat-e-Islami (JI) staged nationwide protests on Friday against inflation, higher fuel prices, the petroleum levy, and taxes, with demonstrations, sit-ins, and rallies disrupting traffic on major highways and roads in several cities. In Karachi, the party’s protest led to severe traffic jams and congestion at many places. According to the traffic police spokesperson, traffic pressure was reported on both carriageways between Lasbela Chowk and Numaish Chowrangi, on roads linking Tibet Centre with Numaish Chowrangi, and on both sides of the road between Numaish and Shahrah-e-Quaideen. Read More…
0 CommentsHafsa Mustafa Posted in World
US President Donald Trump, while taking questions from reporters on energy prices both globally and in the US, says that he thinks the war on Iran will end “pretty soon”. “I don’t think they can go much longer”, he said. Read More…
0 CommentsAlina Hashmi Posted in World
Dutch and British wholesale gas prices have been steady after Qatar said Iran and the US “made progress” in indirect talks on the Strait of Hormuz as low gas storage levels continue to support the market. “Price action is likely to be driven more by fundamentals today with no Doha talks scheduled. However, the market remains sensitive to headlines, and any statements from US or Iranian officials could quickly influence sentiment,” said Wayne Bryan, head of gas research at LSEG. Oil prices have fallen to levels not seen since the… Read More…
0 CommentsHafsa Mustafa Posted in World
Oil prices slid on Monday after US-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets. Brent crude fell $1.53, or 1.90%, to $79.04 a barrel by 0656 GMT. Prices had earlier climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from US President Donald Trump to restart the war on Iran and Tehran's announcement it had again closed the Strait of Hormuz. Read More…
0 CommentsHafsa Mustafa Posted in Politics
Prime Minister Shehbaz Sharif has announced that the government intends to reduce petrol prices substantially after oil prices retreated following a US-Iran peace deal. "We had promised that we would bring the price of petroleum products down and repay each penny to the people," he said during his address to the National Assembly in Islamabad on Friday. Read More…
0 CommentsHafsa Mustafa Posted in World
Oil prices fell in early trading on Thursday after the US and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz and waive US sanctions on Tehran's oil, resolving the largest energy supply disruption in history. Brent crude futures down 1.12% at $78.66 per barrel and US West Texas Intermediate falls 1.28% to $75.81 per barrel. Read More…
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