Business

Oil tumbles as US-Iran peace talks offer glimmer of hope

Published

15 hours ago

June 22, 2026

Bilal

Oil prices fell and global financial markets steadied on Monday as hints of progress emerged from US-Iran talks in Switzerland, helping calm concerns that negotiations were breaking down.

Brent crude retreated from early gains to trade down 0.4% at $80.17 a barrel while US crude was 1.2% higher at $77.52. Both benchmarks are still significantly below peaks seen during the conflict.

The market response came after Qatar and Pakistan — the mediators — said “encouraging progress” had been made after nearly 18 hours of discussions between US and Iranian officials.

S&P 500 futures trimmed previous losses to trade 0.2% lower, while Nasdaq futures sank 0.3%. In Europe, Euro Stoxx 50 futures fell 0.1%, DAX futures were flat and FTSE futures gained 0.1%.

The top-level meeting comes after a week in which both sides signed a memorandum of understanding which was put to the test over the weekend when Iran said it had shut the Strait of Hormuz accusing Israel of breaking a ceasefire in Lebanon. Mediation in Switzerland has made significant progress in ending the crisis in Lebanon, Iranian Foreign Minister Abbas Araghchi said in a post on X.

Iranian media said the Islamic Republic suspended talks after Trump’s threat, but sources indicated talks continued into the early hours of Monday in Switzerland.

According to a senior U.S. official involved in the talks, the subjects discussed included procedures to ensure the strait remains open and how to enforce the ceasefire between Israel and Hezbollah in southern Lebanon.

Business

As the KSE-100 adds more than 1,200 points, the PSX opens higher.

Published

11 hours ago

June 22, 2026

Bilal

The Pakistan Stock Exchange (PSX) resumed the trading session with a bullish tone on Monday after first round of the US-Iran talks ended in Switzerland.

The KSE-100 index climbed 1,223 points, breaching the psychological barrier of 180,500 points at the start of the first trading day of the week.

Last week the market had closed in the negative zone as the KSE-100 index lost 2,475 points to close at 178,922 points.

In the last session, the index had an intraday high of 182,185 points and a low of 177,836 points.

Business

Mango exports from Pakistan decline as the effects of the Middle East conflict persist

Published

1 day ago

June 21, 2026

Bilal

economy that relies heavily on agriculture but is in the middle of the Middle East crisis, which its government has assisted in resolving.

This week, Pakistan announced an initial agreement between the warring parties, but it is too late for Sindh’s mango season, which started in June.

Due to declining demand in important countries, such as the Gulf, and skyrocketing shipping costs, mango dealers told AFP they anticipate a minimum 30% decline in export sales this year.

In addition to the financial hardship, local households are delaying purchasing the fruit due to a jump in inflation brought on by the regional crisis, which is lowering domestic sales.

Business

Jet fuel costs plummeted following cuts to petrol and diesel

Published

2 days ago

June 21, 2026

Bilal

Following large reductions in the price of petrol and diesel, the government has lowered the price of jet fuel, which has raised anticipation for cheaper airfares.

Jet fuel is now priced at Rs238.87 per litre after a price reduction of Rs56.97 per litre, according to reports.

According to sources, a drop in jet fuel prices could result in lower airfares, which would benefit travellers.

This comes one day after the government announced significant price reductions for petrol and diesel, lowering them by Rs74.28 and Rs67.31 per litre, respectively.