Category: Popular News

Oil up 9% to one-month high as US says it will blockade entire Iranian coastline, all vessels

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OIl-Price

HOUSTON: Oil prices settled up more than 9% on Monday at a one-month high after news that a United States’ naval blockade due to begin on Tuesday will cover Iran’s entire coastline, ports and oil terminals, as well as all vessels regardless of flag, reigniting concerns over energy shipments through the Strait of Hormuz.Brent crude futures settled up $7.29, or 9.59%, to $83.30, while US West Texas Intermediate crude settled up $6.73, or 9.42%, to $78.14 a barrel. Brent futures posted their biggest single-day dollar gain since April 2, and…

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ADB cuts Pakistan growth forecast to 3.7pc on higher energy costs

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higher energy costs

ISLAMABAD: The Asian Development Bank (ADB) on Thursday cut its forecast for Pakistan’s economic growth to 3.7 per cent, citing higher energy costs and anticipated pressure on foreign remittances from Pakistanis abroad. In its Asian Development Outlook (ADO) July 2026, the Manila-based lender, however, lowered its growth forecast for developing Asia and the Pacific to 4.9pc for 2026 from 5.5pc in 2025, marking a 0.2-percentage-point reduction from its April projections. “Preliminary data show Pakistan’s economy growing by 3.7pc in FY2026 (ended 30 June 2026), supported by strong industry and services alongside modest…

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Crude rally deepens as US-Iran tensions shatter ceasefire hopes

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Oil prices extended their gains on Thursday after US President Donald Trump declared the ceasefire with Iran over and ordered fresh strikes following attacks on ships in the Strait of Hormuz. Both benchmark contracts surged about 8%, with Brent crude climbing above $80 a barrel for the first time in two weeks, raising concerns over higher inflation and potential risks to global economic growth. US West Texas Intermediate crude futures were trading at $74.52 a barrel. Washington also revoked a temporary sanctions waiver for Iranian oil. However, equity markets mostly…

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Chinese Group Proposes Major Investment in Pakistan’s Energy Sector; Federal Minister Welcomes Expanded Pakistan-China Energy Partnership

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chinese

Islamabad, July 2, 2026 Federal Minister for Petroleum, Ali Pervaiz Malik, held a meeting with Hou Jianxin, Chairman of Shandong Xinxu Group Corporation, China, to discuss expanding cooperation and investment opportunities in Pakistan’s energy sector. During the meeting, Mr. Hou Jianxin expressed his company’s strong interest in investing across Pakistan’s energy value chain and proposed a long-term strategic partnership. He stated that Shandong Xinxu Group possesses advanced technologies and expertise in upstream oil and gas operations, including field optimization, drilling services, and production enhancement, and is keen to collaborate in…

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IRAN SUSPENDS US TALKS, VOWS TO CLOSE STRAIT OF HORMUZ

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In a dramatic escalation, Iran’s negotiating team has officially decided to suspend all message exchanges with the United States through mediators. Iranian sources say the decision will remain in effect until there is an immediate cessation of what Tehran describes as the Israeli military’s ongoing operations in Gaza and Lebanon. Reports indicate that Iran and allied resistance groups have now resolved to pursue a more aggressive military and economic strategy. This plan reportedly includes: ✅ Complete closure of the Strait of Hormuz, a critical chokepoint for global oil shipments. ✅…

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