Shares fell in Asia on Thursday as oil prices jumped on reports that more ships had been struck in the Strait of Hormuz and in Iraqi waters, fuelling inflation and pushing borrowing costs higher worldwide. US crude rose 7.5% to $93.80 a barrel, extending a rise of more than 4% overnight. Brent crude futures jumped 7.7% to $99.03 a barrel. That was despite plans from the International Energ
Designed by Yasmeen Lari, one of Pakistan’s foremost architects, the PSO House in Karachi glimmers under the blistering sun. Inside the 10-storey glass-clad structure, hundreds of its employees could be seen working to carve out a new path for the oil marketing company (OMC) as it seeks to navigate a rapidly evolving energy transition. Established in 1976, following the merger of Premier Oil Co
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Wednesday held a virtual meeting with the Pakistan Banks’ Association (PBA) and senior leadership of major banks to review the evolving economic and financial situation in light of regional developments. The meeting, attended by PBA Chairman Zafar Masud and presidents of leading banks, focused on ensuring financial stability
Gold prices held steady on Thursday, paring an earlier drop of nearly 1%, while a firmer dollar and fading hopes for near-term interest rate cuts due to higher oil prices continued to weigh. Spot gold was down 0.1% at $5,172.86 per ounce as of 0221 GMT. U.S. gold futures for April delivery was unchanged at $5,178. “Given a lack of a short-term exit for the Middle East conflict right now,
Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil tankers amid other global supply disruptions from the US-Israeli war on Iran. Brent futures rose $5.69, or 6.19%, to $97.67 a barrel at 0118 GMT, and U.S. West Texas Intermediate (WTI) crude was up $5.11, or 5.86%, to $92.36. Two foreign tankers carrying Iraqi fuel oil were