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PARIS / LONDON: The International Energy Agency (IEA) has recommended releasing 400 million barrels of strategic oil reserves, the largest coordinated stock release in its history, to help stabilise global markets following the sharp surge in crude prices triggered by the conflict involving Iran. The Paris-based agency said the proposal had been unanimously approved by its 32 member countries, although the exact timing and pace of the release will be determined later. The move comes as world leaders discuss ways to address the energy market turmoil caused by the ongoing…

ISLAMABAD: Pakistan’s fuel supply chain remains stable despite rising volatility in global oil markets caused by escalating tensions in the Middle East, a senior government official said on Wednesday. Mosharraf Zaidi, spokesperson for the prime minister on foreign media, told Bloomberg that authorities are closely monitoring supply chains and taking steps to prevent fuel shortages while managing the impact of higher petroleum prices on consumers. “The situation in terms of supply chains, stocks and active contracts where shipments are already on the way — things are stable to good,” Zaidi…

ISLAMABAD: The government has approved a new mechanism to review petroleum prices on a weekly basis, aiming to shield the oil industry from rising premiums, insurance costs and freight charges amid volatile global markets. The decision was taken after the Petroleum Division warned of a potential fuel supply crisis triggered by escalating tensions in the Gulf region that have disrupted energy shipments. Global oil markets have remained highly unstable following the Middle East conflict that has affected shipping through the strategic Strait of Hormuz — a key maritime route through…