HONG KONG: Oil prices surged and stocks sank Monday after US-Iran peace talks fell apart and Donald Trump announced a blockade of the strategic Strait of Hormuz, adding to fears of energy supplies from the Middle East. Negotiations in Islamabad at the weekend fell apart with the US delegation led by Vice President JD Vance blaming Iran&#39;s refusal to give up its nuclear program and Tehran hitting out at &quot;maximalism, shifting goalposts, and blockade&quot;. The news dealt a blow to hopes for an end to the six-week conflict, which has sent crude prices soaring, pushing inflation up and sending shivers through the global economy. Oil prices which tumbled last week after the United States and Iran agreed to a ceasefire jumped around eight percent Monday, with both contracts topping $100 a barrel. Equities fell across Asia, with Tokyo, Hong Kong and Seoul off at least one percent, while Shanghai, Sydney, Singapore, Taipei and Jakarta were also down. In a lengthy social media post, US President Donald Trump said his goal was to clear the strait of mines and reopen it to all shipping. But he said that Iran must not be allowed to profit from controlling the waterway through which a fifth of global oil and gas usually passes. &quot;Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,&quot; Trump wrote on Truth Social. &quot;Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!&quot; He said the blockade would only apply to vessels travelling to or from Iranian ports. The US military said Sunday it will blockade all Iranian Gulf ports on Monday at 1400 GMT, effectively seizing control of maritime traffic. Iran&#39;s Revolutionary Guards said its security forces had full control over the strait and warned enemies would be trapped in a &quot;deadly vortex&quot; in case of any &quot;wrong move&quot;. Iran&#39;s navy chief Shahram Irani called Trump&#39;s threat &quot;ridiculous and funny&quot;, according to state TV. After the talks the highest-level meeting between the two sides since the 1979 Islamic revolution Vance said Washington had made Tehran its &quot;final and best offer,&quot; adding: &quot;We&#39;ll see if the Iranians accept it.&quot; Iran&#39;s Foreign Minister Abbas Araghchi said the rivals had been &quot;inches away&quot; from a deal, writing on X that &quot;Iran engaged with US in good faith to end war&quot;. But he added &quot;we encountered maximalism, shifting goalposts, and blockade&quot;. Nicole Grajewski, an assistant professor at the Center for International Research at Sciences Po in Paris, warned that a US blockade was &quot;not a minor coercive signal&quot; but would rather be considered an effective resumption of the war. Fawad Razaqzada, a market analyst at <a data-fr-linked="true" href="//Forex.com" id="isPasted" style="color: rgb(0, 115, 230);">Forex.com</a> said: &quot;The fundamental issue remains trust or rather, the lack of it between two long-standing adversaries who still appear some distance from common ground.&quot; Investors are also keeping an eye on attempts to resolve the conflict between Israel and Hezbollah, as Lebanese Prime Minister Nawaf Salam said he was pushing to ensure the withdrawal of Israeli forces. &quot;We will continue to work to stop this war, to ensure the Israeli withdrawal from all our lands, the return of all the prisoners, to rebuild our destroyed villages and towns, and the safe return of the displaced,&quot; Salam said. The prospect of the Middle East crisis continuing for the foreseeable future ramped up inflation fears and weighed on gold amid expectations interest rates would be kept elevated. Data Friday highlighted the impact of the conflict on prices, with the US consumer price index spiking at 3.3% in March, its highest since May last year. Key figures at around 0230 GMT West Texas Intermediate: UP 8.0% at $104.33 a barrel Brent North Sea Crude: UP 6.9% at $101.73 a barrel Tokyo - Nikkei 225: DOWN 1.0% at 56,357.40 (break) Hong Kong - Hang Seng Index: DOWN 1.0% at 25,627.75 Shanghai - Composite: DOWN 0.1% at 3,981.08 Euro/dollar: DOWN at $1.1686 from $1.1728 on Friday Pound/dollar: DOWN at $1.3401 from $1.3463 Dollar/yen: UP at 159.67 yen from 159.19 yen Euro/pound: UP at 87.20 pence from 87.11 pence

A stockbroker walks past share prices on a digital board during a trading session at the Pakistan Stock Exchange (PSX) in Karachi

Business

Oil prices jumped and global markets fell after Donald Trump announced a Strait of Hormuz blockade following the collapse of US–Iran talks.

Oil surges, stocks fall as Trump says to blockade Strait of Hormuz

HONG KONG: Stocks rose Friday with investors still optimistic about the shaky ceasefire in the US-Iran war ahead of planned weekend talks, though oil prices extended gains over worries Israel&#39;s continued attacks on Lebanon could shatter the peace process. Washington and Tehran&#39;s announcement Tuesday of a two-week truce that would see the Strait of Hormuz reopened, having been closed since the start of the war, sparked a wave of euphoria across markets. But hopes for an end to the crisis have been hit by squabbles between the two sides over the agreement and the future of the key waterway, through which a fifth of the world&#39;s oil and gas passes. US and Iranian delegations are due in Pakistan for peace talks, but they come as Tehran says Israel has already broken terms of the ceasefire by continuing to hit Lebanese targets, where Israel says Iran-backed Hezbollah is located. The United States and Israel deny an end to attacks on Lebanon was in the deal. Meanwhile, Trump warned on Thursday against Iran&#39;s plan to charge a toll for ships passing through Hormuz, saying on social media: &quot;They better not be and, if they are, they better stop now!&quot; In a second message just a few minutes later, he added that &quot;very quickly, you&#39;ll see Oil start flowing, with or without the help of Iran.&quot; He also said Tehran was &quot;doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz&quot;. Just 10 vessels have passed through the waterway since the Middle East war ceasefire took effect, according to maritime tracking data. Only one of those tankers is not Iranian. Equity markets, which have been hammered since the war broke out on February 28, extended the week&#39;s gains. Tokyo, Hong Kong, Seoul, Shanghai and Taipei all rose at least one percent, while Singapore and Manila were also well up, though Sydney slipped. The gains followed a second healthy run-up on Wall Street. Oil prices climbed around one percent but sat just below $100 a barrel. West Texas Intermediate briefly jumped above the key level on Thursday. Analysts said the equity gains were helped by news that Israel and Lebanon will hold talks next week in Washington. That comes after NBC reported that Trump had asked Israeli Prime Minister Benjamin Netanyahu for a scale-back in strikes on its northern neighbour to ensure the success of negotiations with Iran. With stocks rising, IG market analyst Fabien Yip said those &quot;that suffered the deepest drawdowns during the conflict are likely candidates for the sharpest near-term recovery&quot;. But she warned: &quot;The ceasefire is temporary and the details remain sparse. Iran&#39;s 10-point proposal and Washington&#39;s stated positions retain substantial differences, and the Islamabad talks carry no guarantee of success. &quot;Even the reopening of the Strait of Hormuz -- subject to Iran&#39;s &#39;technical limitations&#39; -- will take weeks, if not months, before shipping backlogs are cleared and supply chains normalise. &quot;Crude oil prices are therefore unlikely to revert to pre-war levels in the near term.&quot; Investors are also keeping tabs on the release later Friday of US inflation data, which observers say could provide an idea about the impact of the surge in crude on consumers. Prices are expected to have spiked 3.4 percent last month, from 2.4 percent in February, according to a Bloomberg survey. In company news, shares in Japanese retail titan Fast Retailing soared 10 percent to a record high after it hiked its full-year operating profit outlook, helped by healthy demand for its Uniqlo brand in the United States and Europe. Key figures at around 0230 GMTWest Texas Intermediate: UP 0.8 percent at $98.67 a barrel Brent North Sea Crude: UP 0.6 percent at $96.51 a barrel Tokyo - Nikkei 225: UP 1.5 percent at 56,728.95 (break) Hong Kong - Hang Seng Index: UP 1.1 percent at 26,029.69 Shanghai - Composite: UP 1.0 percent at 4,006.68 Euro/dollar: DOWN at $1.1692 from $1.1707 on Thursday Pound/dollar: DOWN at $1.3428 from $1.3441 Dollar/yen: UP at 159.08 yen from 159.06 yen Euro/pound: DOWN at 87.07 pence from 87.09 pence New York - Dow Jones: UP 0.6 percent at 48,185.80 (close) London - FTSE 100: DOWN 0.1 percent at 10,603.48 (close)

Global markets rebound as investors bet on US-Iran talks in Islamabad, but rising oil prices and continued Israeli strikes on Lebanon highlight risks to the fragile ceasefire and uncertainty over Strait of Hormuz access.

Stocks rally on optimism over Iran war ceasefire, oil extends gains

HONGKONG: Oil prices rose Tuesday while equities edged up tentatively as investors assessed Donald Trump&#39;s latest deadline for Iran to reopen the strategic Strait of Hormuz or be &quot;decimated&quot;. As the US-Israel war on Iran entered its sixth week, the US president warned Tehran that its civilian infrastructure would be destroyed if it did not let ships through the waterway, through which a fifth of global crude and gas passes. The remarks came as he and the Islamic republic said a proposal touted by international mediators for a 45-day ceasefire was not yet ready. Trump told a news conference that &quot;the entire country&quot; of Iran &quot;could be taken out in one night and that night might be tomorrow night&quot;, if his ultimatum to reopen the Strait by 0000 GMT Wednesday was not met. &quot;We have a plan where every bridge in Iran will be decimated by 12 o&#39;clock tomorrow night, where every power plant in Iran will be out of business, burning, exploding and never to be used again,&quot; Trump said, brushing aside accusations that such a move would be a war crime. &quot;I mean complete demolition by 12 o&#39;clock, and it&#39;ll happen over a period of four hours if we wanted to.&quot; The threat came after a profanity-laced social media post on Easter Sunday in which he vowed Iran would be &quot;living in Hell&quot; if it didn&#39;t reopen the Strait. Tehran said that if such an attack went ahead, it would retaliate by striking energy infrastructure in the Gulf, which could deal a further blow to already thin oil supplies and hammer the global economy. Both main oil contracts rose Tuesday, with West Texas Intermediate around $115 its highest in a month and Brent sitting above $111. Equity markets fluctuated, with Tokyo flat, while Shanghai, Sydney, Seoul, Taipei, Wellington, Manila and Bangkok rose along with London, Paris and Frankfurt. Singapore, Mumbai and Jakarta fell. Hong Kong was closed for a holiday. That followed a positive start to the week on Wall Street. &quot;Financial markets are oscillating in a narrow, uneasy range as traders sized up the countdown to Donald Trump&#39;s Iran deadline,&quot; wrote Stephen Innes at SPI Asset Management. &quot;Tentative ceasefire optics (were) offering brief relief but never fully offsetting the lingering risk of escalation,&quot; he added. &quot;For now, the rhetoric has tightened, the threats sharpened, and yet the market is not capitulating, conditioned by repetition to expect de-escalation just before the edge. &quot;Traders are no longer reacting to what is said, but to when it is usually walked back.&quot; The hit to fuel supplies from the Middle East has forced governments around the world to unveil economic support measures amid fears of another spike in inflation. On Tuesday, the Philippines said inflation jumped to a forecast-topping 4.1% in March, its highest level in nearly two years. US figures last week showed growth in the country&#39;s services activity cooled last month as companies monitored the higher energy prices and braced for supply chain disruptions. In company news, Samsung rallied around one percent after estimating first-quarter profit soared 755% to an all-time high of $37.9 billion thanks to strong sales of chips crucial for artificial intelligence. It also said sales were expected to surge 68% on-year to hit $88 billion in January-March. Key figures at around 0715 GMT West Texas Intermediate: UP 2.2%&nbsp;at $114.92 per barrel Brent North Sea Crude: UP 1.4% at $111.35 per barrel Tokyo - Nikkei 225: FLAT at 53,429.56 (close) Shanghai - Composite: UP 0.3% at 3,890.16 (close) London - FTSE 100: UP 0.2% at 10,460.62 Hong Kong - Hang Seng Index: Closed for holiday Euro/dollar: UP at $1.1544 from $1.1543 on Monday Pound/dollar: UP at $1.3245 from $1.3236 Dollar/yen: UP at 159.80 yen from 159.68 yen Euro/pound: DOWN at 87.15 pence from 87.27 pence New York - Dow: UP 0.4% at 46,669.88 (close)

Cargo ships and containers are seen at the container terminal of the port in Qingdao, in China’s eastern Shandong province on April 2, 2026.

As the US-Israel war on Iran enters its sixth week, the US president warns Tehran that its civilian infrastructure will be destroyed if it do not let ships through the waterway, through which a fifth of global crude and gas passes.

Oil prices rally, stocks edge up after Trump's latest Iran threat

HONG KONG: Oil prices rose Friday and stocks were mixed as initial optimism over Donald Trump&#39;s decision to again push back a deadline for Iran to reopen the Strait of Hormuz petered. The tepid response came as governments around the world looked to shore up their economies against surging energy costs and the Organization for Economic Cooperation and Development (OECD) warned US inflation would top four percent. The US president warned last Saturday he would strike the Islamic republic&#39;s energy sites if it did not unblock the crucial waterway within 48 hours, but pushed that back five days citing positive peace talks, which Tehran denied had taken place. But after days of attacks by both sides and mixed reports of negotiations -- including the exchanging of multi-point demands -- he announced Thursday that he would again delay the attacks to April 6 after a request from Tehran. &quot;Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well,&quot; Trump posted on his Truth Social platform. &quot;As per Iranian Government request... I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time,&quot; he posted. Trump earlier denied he was desperate for a deal to end the war, despite Tehran&#39;s cool response to an American peace plan and fears the oil spike would fan inflation. Trump later told a cabinet meeting Iran had allowed 10 oil tankers passage through the Strait of Hormuz -- through which about a fifth of world oil and gas pass -- to show it was serious about talks. Iran&#39;s Tasnim news agency said the country&#39;s response to Washington&#39;s 15-point plan to end the war &quot;was officially sent last night through intermediaries&quot;. The report, citing an unnamed official, said officials had called for an end to US-Israeli attacks on Iran and Tehran-backed groups elsewhere in the region. It also called for war reparations and Iran&#39;s &quot;sovereignty&quot; over the Strait of Hormuz be respected. However, Trump&#39;s announcement came as the Wall Street Journal cited Department of Defense officials as saying the Pentagon was considering sending up to 10,000 extra ground troops to the Middle East. Oil prices initially fell more than one percent Friday but reversed course to turn higher as Europe opened for business, with Brent back near $110. Brent is up almost 50 percent since the war began on February 28, while West Texas Intermediate has risen about 40 percent. Time but &#39;not clarity&#39;Shares in Tokyo, Seoul, Sydney, Wellington, Taipei, Mumbai, Jakarta and Manila were sharply lower, but Hong Kong, Shanghai, Singapore and Bangkok rose with London, Frankfurt and Paris. Investors are increasingly sceptical about the messaging from the White House, with Trump often flipping between threats and talk of peace. &quot;A 10-day extension sounds like breathing room, but in market terms, it feels more like a trader rolling a losing position forward, hoping the next candle delivers what the last one refused to give,&quot; said SPI Asset Management&#39;s Stephen Innes, referring to an investors analysis tool. &quot;Time has been purchased, not clarity. And the market knows the difference.&quot; The World Trade Organisation warned the global trading system was experiencing the &quot;worst disruptions in the past 80 years&quot;, while the World Bank said it was prepared to provide immediate financial assistance to emerging market countries. That came as the OECD warned US inflation could hit 4.2 percent this year as a result of the spike in crude prices. That compares with its previous projection of 2.8 percent. And several Federal Reserve officials expressed concern about the outlook for the world&#39;s top economy and suggested interest rates were unlikely to come down any time soon. Meanwhile, Australian oil and gas giant Woodside said a third major LNG processing plant in the country had closed as a cyclone approached. With the crisis continuing to cause havoc, governments around the world have unveiled a range of support measures. Vietnam temporarily waived an environmental levy on fuel to cut petrol prices by more than a quarter, India said it had lowered fuel taxes and Japan plans to temporarily lift restrictions on coal-fired power plants in a bid to ease an energy crunch. Spain, Poland and South Korea earlier this week announced support plans that included fuel tax cuts. Key figures at around 0815 GMTTokyo - Nikkei 225: DOWN 0.4 percent at 53,373.07&nbsp;(close)Hong Kong - Hang Seng Index: UP 0.4 percent at 24,951.88 (close)Shanghai - Composite: UP 0.6 percent at 3,913.72 (close)London - FTSE 100: UP 0.2 percent at 9,992.82West Texas Intermediate: UP 0.5&nbsp;percent at $94.95 a barrelBrent North Sea Crude: UP 1.8 percent at $109.91 a barrelEuro/dollar: DOWN at $1.1520 from $1.1523 on ThursdayPound/dollar: DOWN at $1.3312 from $1.3313Dollar/yen: UP at 159.95 yen from 159.83 yenEuro/pound: DOWN at 86.51&nbsp;pence from 86.55 penceNew York - Dow: DOWN 1.0 percent at 45,960.11 (close)

Oil prices rise and global markets turn mixed as Donald Trump delays action on Iran over the Strait of Hormuz, while uncertainty over talks and supply risks fuels inflation concerns worldwide.

Oil rises, stocks mixed as joy over Trump Iran strike pause fades

The closing index of the Chinese stock market displayed in a smart phone in Haian, Jiangsu Province, China on March 19, 2026.

Brent crude topped $115 per barrel as Tehran threatened to target regional installations in retaliation for an Israeli strike on a site serving its massive South Pars field, which it shares with Qatar.

Oil prices surge, stocks sink on energy shock fears

Web Desk/AFP

Americas

Middle East

Iran’s deputy foreign minister Majid Takht-Ravanchi said Tehran has allowed ships from some countries to pass through the Strait of Hormuz during the war with the US and Israel, while restricting passage for nations involved in the aggression. 

All you need to know about Day 13 of US-Israeli war on Iran

Faraz Saeed

LAHORE: Rising global oil prices&nbsp;stemming from the <a href="https://www.pakistantv.com/article/usisrael-war-on-iran-day-11" target="_blank">war in the Middle East&nbsp;</a>have led Pakistan to implement emergency measures to protect its economy, with fuel costs and market volatility prompting authorities to act immediately. The crisis centers on the <a href="https://www.pakistantv.com/article/hormuz-crisis-as-iran-war-disrupts-global-oil-supply-and-fuel-prices" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">Strait of Hormuz</a>, through which roughly 20% of the world&rsquo;s oil supply passes. Oil futures surged 31%, with West Texas Intermediate briefly hitting $119.48 per barrel and Brent at $119.50. This marks the first time prices have crossed $100 since the Russian-Ukrainian War started in 2022. The spike follows escalating tensions in the Middle East, which forced Gulf producers to cut output. This prompted some commercial vessels to avoid the strait. With only a limited number of tankers initially transiting the strait, there were fears of major supply disruptions. Prices eased after a G7 meeting suggested coordinated measures, including the release of strategic reserves, and after US President Donald Trump said the conflict could conclude sooner than expected, CBS News reported. By Monday&rsquo;s close, WTI settled at $94.77 and Brent at $98.96 per barrel. Markets rebound Pakistan&rsquo;s financial markets reflected investor anxiety. The Pakistan Stock Exchange suffered its largest single-day drop on March 2, falling more than 16,000 points, according to Topline Securities. On March 9, the index fell by over 11,000 points after attacks on Iranian oil depots in Tehran. However, after Monday&#39;s panic tone, the local bourse witnessed a powerful comeback on Tuesday as confidence quickly returned to the market. The bulls charged aggressively from the opening bell, triggering a temporary market halt amid intense buying activity. Momentum remained strong throughout the session, pushing the index to an impressive intraday surge of 11,873 points, before settling at 156,177 (up 9,696 points or 6.62%). The market followed its Asian peers, which rebounded after oil prices plunged overnight. Some analysts see further signs of stabilization. Arif Habib Limited said global sentiment may be approaching a &ldquo;peak fear&rdquo; phase. &ldquo;Globally, it appears we are reaching &lsquo;peak fear&rsquo; moments and any positive news regarding the conflict will result in markets aggressively repricing higher,&rdquo; the brokerage said in its note. The firm stated that with the index down about 25% from its January peak, valuations may begin to attract long-term investors if geopolitical tensions ease. Domestic fuel prices Rising global oil prices have translated into higher domestic costs. Pakistan increased fuel prices by roughly 20% last week. Economists warned of ripple effects. Waqas Ghani of JS Global, speaking to Pakistan TV Digital, said a $10 per barrel increase could add $300 million immediately to the import bill and raise annual costs to up to $2 billion. Inflation could rise by about 0.6 percentage points. Economist Dr Ikram ul Haq, speaking to Pakistan TV Digital, noted the effect on transportation and essential goods, especially diesel-dependent logistics. He also cited Pakistan&rsquo;s reliance on petroleum levies and the broader fiscal implications of prolonged high oil prices, which could put pressure on foreign exchange reserves. Securing alternative supplies Pakistan has sought alternative energy sources. Saudi Arabia assured crude shipments via the Port of Yanbu on the Red Sea, bypassing the Strait of Hormuz. Petroleum Minister Pervaiz Malik said three shipments are expected soon, with one vessel already assured for crude loading at Yanbu. Energy analysts say the arrangement will help reduce the risk of supply disruptions. &ldquo;This arrangement will improve supply security,&rdquo; Ghani said. &ldquo;This move has allowed Pakistan to avoid disruption risk.&rdquo; Protecting trade, reducing consumption The Pakistan Navy launched Operation Muhafiz-ul-Bahr to safeguard maritime trade routes, the military said. The government also implemented austerity measures to reduce fuel consumption. Prime Minister Shehbaz Sharif <a href="https://www.pakistantv.com/article/pakistan-announces-austerity-measures-as-oil-supply-disrupted-by-middle-east-clashes" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">announced</a> a four-day workweek and work-from-home arrangements for half of the public and private-sector staff. Fuel allocations for government vehicles will be cut 50% for two months. Ministers will forgo salaries, parliamentarians will take a 25% cut, and senior officers will lose two days of pay. Schools will close for two weeks, universities will shift to online instruction, departmental spending will drop by 20%, official foreign travel will be suspended, and vehicle purchases will be banned. PM Sharif said the steps aim to shield citizens from the worst impact of rising oil prices. Meanwhile, the State Bank of Pakistan kept its policy rate at 10.5%, citing uncertainty from the Middle East conflict. The Monetary Policy Committee said higher fuel, freight, and insurance costs, along with trade and travel disruptions, could affect the economy depending on the conflict&rsquo;s intensity and duration. Officials stated that immediate measures are meant to cushion the economy. The long-term impact will depend on easing tensions in the Gulf and on global oil market stability.

Economy

Pakistan's stock market saw Monday's volatility with an 11,000-point drop amid Middle East war oil fears, but Tuesday brought a strong rebound, closing up 9,696 points (6.62%) at 156,177, as confidence returned and oil prices plunged.

Pakistan acts to shield economy amid Middle East oil crisis

Global shipping firm MSC halts certain Gulf export shipments due to Middle East war risks; France and allies plan a mission to reopen the Strait of Hormuz; Hezbollah launches missiles toward Israel

All you need to know about Day 10 of US-Israeli war on Iran

LAHORE: When the first bombs dropped over Iran just over a week ago, many people outside the realm of geopolitics had no idea how rapidly the conflict would impact their finances. The military escalation between the US, Israel, and Iran has swiftly triggered a global energy crisis. The conflict intensified in late February after a series of strikes by US and Israeli forces on Iranian infrastructure that triggered a forceful response from Tehran. Iran&rsquo;s Revolutionary Guard Corps (IRGC) began targeting tankers and vessels in and around the Strait of Hormuz, a critical shipping route that carries about 20 million barrels of oil and LNG daily (around 20% of the world&rsquo;s energy supply).&nbsp; Within days, insurers withdrew war‑risk coverage and major carriers halted shipping through the region, effectively grinding one of the world&rsquo;s most important energy corridors to a near halt.&nbsp; As a result, oil prices surged sharply. By March 7, Brent crude and WTI crude rose above $90 per barrel, increasing more than 25% within a week, one of the largest weekly spikes in years.&nbsp; Within days of the crude price spike, ordinary consumers began feeling the effects at fuel pumps around the world. In the United States, according to data from the American Automobile Association, the national average price for regular gasoline as of March 6 stood at $3.32 per gallon, up 11% from a week earlier and the highest since September 2024. Diesel prices have jumped sharply worldwide. In the US, diesel hit $4.33 per gallon, rising 15% in a week, which is the highest since November 2023. The UK also saw increases, with petrol at &pound;136.53/L and diesel at &pound;148.35/L, both reaching 16-month highs. Across Europe, prices are climbing too: Germany&rsquo;s A-95 averages &euro;1.96/L (up from ~&euro;1.80 in February), France is around &euro;1.82&ndash;&euro;1.83/L, and Italy and Portugal have risen 6-10&nbsp;cents in recent weeks. Fuel prices across Europe have risen since February. Smaller markets like Belgium, Spain, the Baltic states, and Poland saw increases of 6-10 cents per litre. Scandinavia remains expensive, with prices around &euro;1.92 in&nbsp;Sweden, &euro;1.98 in Denmark, &euro;1.95 in Finland, &euro;2.05 in Norway, while the Netherlands is the highest at &euro;2.19 per litre. Outside the EU, Moldova&rsquo;s gasoline is about 24.33 lei per litre, showing regional spillover effects. Asia&#39;s Growing PainThe shock has not spared Asia. In South Korea, gasoline prices climbed to 1,871.83 won per liter, up 178.94 won since Feb. 28, while diesel rose to 1,887.38 won per litre, prompting concerns about rising logistics and transportation costs.&nbsp; The Philippines expects diesel to rise by over 20 pesos per liter and gasoline by more than 11 pesos. Thailand is preparing for a 15% hike in diesel prices, but has temporarily frozen prices. In India, the price of a 14.2-kg LPG cylinder has risen 7% to 913 rupees.&nbsp; On March 6, Pakistan raised petrol and diesel prices by Rs55 per liter (about a 20% increase), triggering panic buying at fuel stations before the price increase took effect. When traffic through the Strait of Hormuz chokepoint slows, global oil supply tightens, and prices rise quickly. While some developed nations have reserves, many developing economies feel the impact immediately, with fuel costs rising for consumers in cities like New York, London, Seoul, Manila, and Karachi.&nbsp; The key question is whether this will be a short-term shock or the start of a deeper energy crisis.

US and Israeli strikes on Iran in late February triggered retaliation around the Strait of Hormuz, disrupting a key global energy corridor and sending Brent crude oil prices above $90 a barrel, a surge of more than 25% in a week.
The supply shock has driven sharp fuel price increases worldwide from the United States and Europe to Asia and Pakistan. 

Hormuz crisis: Iran war disrupts global oil supply, raises fuel prices

Web Desk

ISLAMABAD: Bangladesh government initiated emergency energy conservation measures and prepared for potential power rationing as the&nbsp;<a href="https://www.pakistantv.com/article/usisrael-war-on-iran-day-6" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Middle East conflict</a>&nbsp;disrupts global fuel markets, Bangladesh Sangbad Sangstha (BSS) reported. According to the state-run news agency, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood stated that the nation faces a temporary crisis in the energy sector due to ongoing regional unrest. Following an emergency review meeting, the energy minister requested that citizens use electricity and fuel economically to help manage the supply gap. Bangladesh currently holds 201,610 tons of diesel, enough to last 14 days, according to Bangladesh Petroleum Corporation (BPC) Director Dr. AKM Azadur Rahman. BSS reported on March 3 that petrol and octane reserves are sufficient for approximately 17 and 31 days. The BPC director indicated that the state is monitoring the supply chain to ensure refined&nbsp;<a href="https://www.pakistantv.com/article/saudi-arabia-assures-pakistan-alternative-oil-supply-route-amid-regional-crisis-1" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">oil shipments</a>&nbsp;from alternative markets continue despite the closure of the&nbsp;<a href="https://www.pakistantv.com/article/opec-backs-market-stability-as-iran-rules-out-hormuz-closure" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Strait of Hormuz.</a> Bangladesh&rsquo;s Cabinet Division issued an 11-point directive on March 5 ordering all public and autonomous offices to curb consumption. As per the mandate, offices must set air conditioners to 25 degrees Celsius or higher and switch off half of their lights. The directive also specified that decorative lighting should be avoided and the use of private vehicles reduced. The research director at the Centre for Policy Dialogue, Dr. Khondaker Golam Moazzem, stated that the nation&#39;s energy system faces increased pressure, making supply rationing likely in the short term. Research published in the International Research Journal reported that national energy consumption in Bangladesh grows by roughly 10% annually. This creates a supply-demand disparity that requires immediate management. State Minister Anindya Islam Amit told BSS that electricity for the Boro irrigation season remains a priority even if rationing occurs in other sectors. Boro is Bangladesh&#39;s key dry-season rice crop,&nbsp;demanding heavy irrigation from November to June. To protect gas for&nbsp;<a href="https://www.pakistantv.com/article/global-coal-demand-expected-to-hit-record-in-2025-international-energy-agency" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">power generation</a>, the Bangladeshi government ordered CNG filling stations to close daily from 3 pm to 9 pm local time through the month of Ramadan, according to a statement by the energy ministry. A study from the Bangladesh Institute of Development Studies found that rising energy costs are already straining the agri-food system, as production costs for rice increased 3.45% annually in recent years. Bangladesh&rsquo;s Prime Minister Tarique Rahman instructed the Energy and Mineral Resources Division to procure necessary liquefied natural gas from alternative markets to stabilize the grid, BSS reported on March 1.

Fuel droplets fall from a nozzle at a gasoline station in Dhaka, Bangladesh on August 6, 2022. (AFP)

Bangladesh

Bangladesh launches energy conservation and power rationing amid Middle East conflict disrupting fuel supplies, imposing office cutbacks and CNG closures.

Articles tagged with "Oil Prices"