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As supply concerns increase due to dwindling chances for US-Iran peace, oil prices rise.
Oil prices rose on Tuesday as a deal to end the Middle East war seemed further out of sight with Iran saying it will adopt a more offensive stance and the U.S. ruling out extending a ceasefire agreement, heightening worries about energy supply.
Iran will shift to a “fully offensive” military posture because efforts to negotiate a permanent end to the war with the U.S. have stalled, a senior Iranian official told Reuters on Monday, as Washington ruled out extending a temporary ceasefire agreement.
Outward progress towards peace talks and a resumption of oil tanker traffic through the strategic Strait of Hormuz has ground to a halt, threatening to extend the conflict that the U.S. and Israel launched with attacks on Iran on February 28.
Brent crude futures climbed 27 cents, or 0.3%, to $91.14 by 0003 GMT, after rising to their highest since July 30 on Monday.
U.S. West Texas Intermediate crude futures were up 42 cents to $85.04 a barrel, after gaining more than 1% earlier in the session to $85.37, their highest since July 31.
“Oil has jumped to start the week as U.S.-Iran relations look increasingly shaky. A deal to reopen the Strait of Hormuz still does not appear to be in sight, and shipping numbers remain at a trickle,” said chief market analyst at KCM, Tim Waterer.
Following attacks on tankers, only five commodity vessels transited the Hormuz strait on Saturday, with none registered for Sunday, ship-tracking data from Kpler showed, versus 31 in the prior weekend.
Yemen’s Houthis attacked what they described as a Saudi military ship and four escort vessels in the Red Sea with missiles, according to the group’s military spokesperson Yahya Saree on Telegram.
“The dual chokehold on the Strait of Hormuz and the Bab el-Mandeb remains highly significant. These are not secondary concerns. They sit at the centre of the current supply-risk narrative,” KCM’s Waterer said.
Iran has separately been negotiating an agreement on managing the strait with Oman and says they are close to a deal. But Trump responded to those negotiations with a threat to bomb the Gulf state, a longstanding U.S. security partner.
Pre-war global oil demand sat at 103 million barrels per day, meaning the conflict erased a massive 25 days of global consumption.
In a glimmer of hope for diplomacy though, media reports said Trump had opened back-channel discussions with the Islamic Revolutionary Guard Corps.
U.S. crude oil stockpiles were expected to have fallen last week alongside product inventories, a preliminary Reuters poll showed on Monday.
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As Pakistan gets ready for their first Test match against England, Babar Azam’s future is in jeopardy.
– Pakistan captain Babar Azam’s availability for the opening Test against England will be decided after the national team’s practice session on Tuesday, as the batter continues to recover from a hand injury.
Babar was struck on the hand by a ball during a practice match ahead of Pakistan’s Test series in England. He subsequently took part in a training session at Headingley, providing an encouraging sign ahead of the series opener.
The Pakistan team is scheduled to hold another practice session, after which the management will assess Babar’s fitness and make a final decision on whether he is fit to feature in the first Test.
Batter Shan Masood, who sustained an injury during Pakistan’s tour of the West Indies, also participated in the practice session at Headingley.
Meanwhile, Pakistan fast bowler Mohammad Abbas said the squad comprises a combination of experienced and younger players and expressed confidence that the team would seek a strong performance against England.
“We have senior and junior players in the team, and we will try to perform well in the series against England,” Abbas said.
The first Test of the series is scheduled to begin in Leeds on August 19, with Pakistan hoping to enter the contest at full strength as it faces the hosts in English conditions.
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According to a Reuters/Ipsos poll, Trump’s approval drops to 33%, the lowest level of his presidency.
President Donald Trump’s approval rating fell to the lowest level of his presidency, with an overwhelming majority of Americans concerned the U.S. war with Iran will last a long time, according to a Reuters/Ipsos poll that concluded on Monday.
Just 33% of respondents in the four-day survey said they approved of Trump’s performance in the White House, while 64% disapproved. Trump’s approval rating, down from 35% in a poll that closed earlier this month and lower than at any point in his current term, has now tied the lowest level of his prior term reached in December 2017.
After returning to the White House in 2025 with just under half the country approving of his presidency, Trump’s popularity this year took a hit after he ordered strikes on Iran alongside U.S. ally Israel. The ensuing conflict paralyzed a fifth of the global oil trade, triggering a surge in the price of gasoline that is weighing on U.S. households – and on Trump’s Republican allies defending congressional majorities in November midterm elections.
Trump, who campaigned on promises to keep inflation in check and avoid long-lasting wars, initially pledged the conflict with Iran would take a few weeks. But Iran has proved resilient and has kept the oil trade through the Strait of Hormuz largely bottled up even as the conflict has cooled.
Some 80% of Americans – including 87% of Democrats and 71% of Republicans – think U.S. involvement in Iran “will go on for an extended period of time,” the Reuters/Ipsos poll found. Just 16% said the conflict would likely end in a few weeks.
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PM Shehbaz emphasises providing pilgrims with high-quality facilities while reviewing Hajj preparations.
The necessary authorities have been instructed by Prime Minister Shehbaz Sharif to make sure that all preparations are completed on time and that Pakistani pilgrims have the best amenities available for the forthcoming Hajj.
Prime Minister Shehbaz Sharif was updated by Federal Minister for Religious Affairs Sardar Muhammad Yousaf on the status and preparations for the impending Hajj.
Additionally, the minister informed the prime minister on issues pertaining to the Ministry of Religious Affairs and the actions that the ministry was taking.
Throughout the Hajj operation, PM Shehbaz emphasised the need of providing Pakistani pilgrims with excellent amenities and efficient procedures.
In order to allow pilgrims to fulfilll their religious duties easily and without needless hassles, he instructed the authorities to finish all essential preparations within the allotted time.
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