Oil prices rose on Friday due to fears of a renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and on reports Tehran’s air defences had engaged “hostile targets.” Brent crude futures rose 99 cents, or 0.94%, to $106.06 a barrel at 0410 GMT, while West Texas Intermediate futures were up 71 cents, or 0.73%, at $96.
A surge in fossil fuel prices since the Iran war is squeezing polyester suppliers and garment makers across India and Bangladesh, threatening to raise costs for fast-fashion retailers like Zara and H&M. Filatex, one of India’s biggest polyester yarn producers, is paying nearly 30% more for the petroleum-derived feedstocks - purified terephthalic acid (PTA) and monoethylene glycol (MEG) - that
Selling pressure continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 900 points during the opening minutes of trading on Thursday. At 10:14am, the benchmark index was hovering at 170,636.86, down by 942.44 points or 0.55%. Selling pressure was observed in key sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration compa
Sitara Petroleum Service Limited (SPSL), a Lahore-based fuel trader, has announced its Initial Public Offering (IPO), seeking to raise up to Rs4.8 billion (USD17.2 million) to finance expansion in its fuel retail network, logistics operations and storage infrastructure, according to its IPO prospectus. As per details, the company, engaged in distribution and retail, along with petroleum logisti
Asian shares tracked Wall Street higher on Thursday, led by record highs in Japan, South Korea and Taiwan, as investors shrugged off higher oil prices from more shipping woes in the Gulf and focused on strong corporate earnings. Overnight, the S&P 500 climbed 1% and the Nasdaq jumped 1.6% to close at new record highs, helped by a strong start to earnings season that has eased concerns about t