The report said the weekend attacks on two oil tankers and strikes by Yemen’s Iran-backed Houthi movement on Saudi Arabia fueled investor concerns about future regional oil supply disruptions.

Brent crude prices jumped 76 cents, or 0.73%, to $105.48 a barrel at 7:04 p.m. EDT Sunday. U.S. West Texas Intermediate (WTI) crude futures increased 59 cents, or 0.64%, to $92.44 a barrel.

Houthi fighters claimed responsibility for a missile attack on Riyadh’s international airport Saturday that killed 13 people and wounded more than 300 others.

Saudi police announced another death and further injuries Sunday in a second attack on the airport.

The Federal Aviation Administration (FAA) cautioned U.S. airlines on Sunday to exercise extreme caution flying in or above Saudi airspace, citing increased security threats stemming from the ongoing military conflict and disruptions to navigation systems, Reuters reported.

A notification to airmen (NOTAM) by the FAA, effective through Dec. 10, comes after a series of strikes on Riyadh, the capital of Saudi Arabia, including a new wave over the weekend.”Threats could pose a potential risk to aircraft during all phases of flight, including overflight, arrival and departure,” the FAA said.

— The Pakistan Stock Exchange (PSX) started the new work week on a negative note as the benchmark KSE-100 index fell more than 900 points in early trading.

The index was below the 166,100-point threshold soon after the market opened, indicating selling pressure in the market.

The stock market was mixed on the last day of trading of the last week before a late-session slide sent the benchmark index down 352 points to conclude at 167 089 points.

Pakistan has fast-tracked changes in the energy sector to meet the International Monetary Fund (IMF) conditions and directions, and the government has been working on revamping the present electricity and gas slab and cross-subsidy systems.

Sources said the planned approach intends to confine electricity and gas subsidies to the deserving and low income clients.

The plan provides for the enactment of a new mechanism of electricity subsidies in January 2027, while the new system for gas consumers is expected to be implemented on July 1, 2027.

In a bid to enhance transparency and efficiency, the Power Division has started work on a specialized socioeconomic registry of qualified users with support from the World Bank.

The government expects to finish the registration of eligible consumers by November this year, sources added.

The data collected will be verified and then compared to the main Benazir Income Support Program (BISP) database. This will allow officials to determine who actually qualifies for financial help and subsidies.

The objective is to scrap the existing system of tariff differential subsidy and cross subsidy for electricity by January 2027 and to take gas consumers on board with the same database by July 1, 2027.

The reformed subsidy structure is aimed at relieving the long-standing pressure of the circular debt on the energy sector.

The sources claimed electricity distribution companies (DISCOs) also filed formal applications for revision of the benchmark electricity rate.

Meanwhile, the government has briefed the IMF about preparations for privatization of electricity distribution businesses and administrative reforms. The initiatives are intended to help achieve the objectives of permanently reducing circular debt and enhancing the energy industry.