Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the US-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output. Brent crude was trading up $1.67, or 2.05%, at $83.07 per barrel by 0141 GMT. US West Texas Intermediate crude rose $1.94, or 2.60%, to $76.60. The US–Iran war widened on Wednesday af
The UAE’s years-long property boom faces its first real test after Iranian missile strikes shattered the Gulf’s safe-haven aura, rattling investors and exposing how heavily Dubai and Abu Dhabi rely on offshore money to sustain their building spree. The attacks on airports, ports and residential areas in both cities have punctured the region’s reputation for stability at a moment when concerns a
The government is considering introducing a separate Harmonised System (HS) code for used footwear imports, a proposal that may be incorporated into the upcoming federal budget, as industry stakeholders raise concerns over market distortions affecting local manufacturers. The development came during a meeting between a delegation representing Pakistan’s leather and footwear industry and Federal
Selling pressure returned to the Pakistan Stock Exchange (PSX) as conflict in the region continued to escalate, pushing the benchmark KSE-100 Index down by over 2,000 points during the opening minutes of trading on Wednesday. At 9:25am, the benchmark index was hovering at 155,131.90, a decrease of 2,000.19 points or 1.27%. Selling was observed in key sectors, including automobile assemblers,
Asian markets skidded on Wednesday, with investors cutting crowded positions in gold and chipmakers on worries a wider Mideast war could deliver an energy shock that raises inflation and delays rate cuts. Shares in Seoul dived 4% to take two-day losses beyond 11% as fast-money and foreigners bailed out of a market that had soared on memory chipmakers’ vast AI-driven profits. The selloff d