The dollar was on track for its first weekly gain in three weeks on Friday, as stalled peace negotiations between the US and Iran dampened hopes for an immediate easing of Middle East tensions. While Lebanon and Israel extended their ceasefire for three weeks ahead of its expiration on Sunday, Iran showed off its control over the Strait of Hormuz by releasing footage of its commandos storming
Gold held steady on Friday, but was on track for a weekly drop as elevated oil prices fuelled fears of inflation and higher-for-longer interest rates amid stalled US-Iran peace talks. Spot gold was down 0.1% at $4,686.29 per ounce, as of 0230 GMT. The metal is down 3% so far this week after a four-week winning run. US gold futures for June delivery fell 0.5% to $4,702. Brent crude prices
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