Business

Oil dips, stocks mixed on US-Iran truce hopes

Published

4 months ago

May 30, 2026

Bilal

– Stock markets were mixed while oil prices fell again on Friday (May 29) on investor optimism that the United States and Iran would reach a deal to extend their ceasefire – despite Washington and Tehran offering conflicting views on the state of negotiations.

Oil markets have been up and down this week as investors assess the chances of a breakthrough deal that could potentially resume shipping through the crucial Strait of Hormuz.

Those hopes had been briefly dashed by new US military strikes on Iran on Wednesday, countered by the Revolutionary Guard’s targeting of an American airbase in the region.

On Friday, US President Donald Trump held a meeting during which he said he would make a “final determination” on a peace deal. Iran’s foreign ministry said negotiations were ongoing and there was no final agreement.

Nevertheless, the reports of progress sent the S&P 500 to a record high before it pared those gains slightly at the close. Other Wall Street indices also rose on Friday, while Europe’s main markets were flat ahead of the weekend.

While details of the possible agreement are scarce, “oil traders are taking an optimistic view that the end could be in sight for disruption in the region,” said Derren Nathan, head of equity research at Hargreaves Lansdown.

However, “the market’s patience may be tested if a deal is not agreed by early June, and this could have big ramifications for the oil price and the global stock market rally,” said Kathleen Brooks, research director at XTB.

Art Hogan of B. Riley Wealth Management told AFP the tech sector was continuing to drive equity markets.

“It looks like we’ll wrap up a ninth consecutive week of higher markets, largely driven by some new names coming out to be beneficiaries of artificial intelligence today,” he said, citing Dell, Micron and SanDisk among individual companies that have delivered big gains.

EUROPEAN INFLATION

In Europe, French data showed Friday that its economy contracted 0.1 per cent in the first quarter, while inflation in May accelerated to 2.4 per cent, above the ECB’s target of two percent.

Germany saw inflation slow in May to 2.6 per cent, though analysts still expect an interest rate hike for the eurozone, possibly at the next ECB meeting on June 11.

Still, “recession risks are easing as oil prices moderate and the probability of worst-case scenarios fades,” wrote Matthew Martin of Oxford Economics.

“While reduced risks from the war have helped, the improvement in equity prices is mostly because of a robust earnings season. The driver is overwhelmingly AI-related capital expenditure,” he said.

Global AI bullishness has driven a historic rally recently, this week pushing the market capitalizations of chipmakers Micron and SK hynix across the US$1 trillion threshold.

Seoul’s stock market led the charge in Asia on Friday, surging 3.6 per cent while Tokyo’s Nikkei closed at a record high.

Business

Jet fuel price rises by Rs9.05 per litre in Pakistan

Published

29 minutes ago

October 4, 2026

Bilal

Jet fuel prices have once again increased in the country, along with the price of kerosene oil.

The price of jet fuel has been increased by Rs9.05 per litre, while kerosene oil has become Rs7.68 per litre more expensive.

Following the increase, the new price of jet fuel has been fixed at Rs355.52 per litre, while kerosene oil will now cost Rs329.54 per litre.

Meanwhile, according to a notification issued by the Petroleum Division, the price of petrol has also been increased by Rs2.10 per litre, taking its new price to Rs392.76 per litre.

Business

Govt sets deadline of 20th Oct for pilgrims to pay 2nd Hajj installment

Published

33 minutes ago

October 4, 2026

Bilal

The religious affairs ministry stated late Friday that the federal government has fixed October 20 as the deadline for intending pilgrims selected under the government Hajj system to deposit the second installment of their pilgrimage dues.

ISLAMABAD: Pakistan has set aside 107,526 slots for the government plan, including 30,000 for a shorter package, and another 71,696 slots have been granted to the private scheme for next year’s Hajj.

The country on Aug. 25 completed online booking of all tickets in the government Hajj scheme, the first time the whole quota has been filled through a digital reservation system.

The ministry of religious affairs said in a statement on Friday that the applications of pilgrims for next year’s Hajj will be cancelled if they did not pay by the deadline.

“The dates for depositing the second installment of dues for Hajj pilgrims under the government scheme have been fixed from 5 October to 20 October, 2026,” the ministry said.

“If the second installment is not deposited within the deadline, then the Ministry said the pilgrim’s application will be cancelled and the amount deposited earlier will be refunded to the pilgrim’s account,” the Ministry said.

Under the government arrangement, pilgrims can pay the second payment of Hajj dues through the ‘Pak Hajj App’ or digital Hajj site within the stipulated deadline.

The government said that submitting the Hajj medical fitness certificate on the ‘Pak Hajj’ app or the digital Hajj portal was essential before depositing the second installment.

This year the government announced that pilgrims will pay Rs1.2 million ($4,334) for a 40-day Hajj package and Rs1.3 million ($4,695) for a shorter, 20- to 25-day package under the government system.

The first installment of dues for seats under the shorter government package was paid within 24 hours of the process starting on Aug 18 and the rest of the seats under the plan were booked by Aug 25.

Business

Petrol price goes up by Rs2.10, diesel by 30 paisa a liter:

Published

1 day ago

October 3, 2026

Bilal

– Petrol and diesel prices have been increased once again under the latest fuel-price revision.

The revised prices will take effect from October 3, 2026.

According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs2.10 per litre. Following the latest increase, petrol will now cost Rs392.76 per litre.

The price of high-speed diesel has also been raised by 30 paisa per litre, taking its new rate to Rs399.64 per litre.

The Petroleum Division said the announced rates are linked to movements in international petrol and diesel prices.

According to the notification, changes in the global market, Platts rates, premiums and other associated costs were taken into account when determining the revised prices.