Oil prices settled up about 9 percent on Thursday, at their highest in nearly four years, as Iran stepped up attacks on oil and transport facilities across the Middle East, and the country’s supreme leader vowed to keep the vital Strait of Hormuz shut. Brent futures settled at USD100.46 a barrel, up USD8.48, or 9.2 percent, after touching a session high of USD101.60. US West Texas Intermediate
The International Monetary Fund (IMF) team and the Pakistani authorities will continue discussions on the third review of the 37-month Extended Fund Facility (EFF) and the second review of 28-month arrangement under the Resilience and Sustainability Facility (RSF) with a view to conclude them in the coming days. The Fund issued end-of-mission statement, which noted that an IMF team, led by Iva
Oil prices dropped on Friday morning after the US issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea, easing supply concerns. Brent futures dropped 71 cents, or 0.71%, to $99.75 a barrel by 0123 GMT, and US West Texas Intermediate (WTI) crude was down 88 cents, or 0.92%, to $94.85. The license was issued in what Treasury Secretary Scott
Gold prices rose on Friday, supported by a weaker dollar and softer US Treasury yields, but were on track for a second consecutive weekly drop as rising energy prices dimmed prospects for near-term US interest rate cuts. Spot gold was up 0.8% at $5,118.75 per ounce, as of 0234 GMT. US gold futures for April delivery was unchanged at $5,123.30. “The dollar has eased from its highs which has o
Selling pressure was observed at the Pakistan Stock Exchange (PSX) as geopolitical situation in the region remains tense, with the benchmark KSE-100 Index shedding over 1,000 points during the opening minutes of trading on Thursday. At 9:25am, the benchmark index was hovering at 154,812.88, down by 1,045.59 points or 0.67%. Selling was observed in key sectors, including automobile assemblers