Business
Oil hits 2-week high following drone strike on UAE nuclear power facility
Oil prices extended gains on Monday as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran.
Brent crude futures climbed $2.03, or 1.86%, to $111.29 a barrel by 0220 GMT, after touching $112 earlier, the highest since May 5.
U.S. West Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to $108.70, its highest level since April 30. The front-month June contract expires on Tuesday.
Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed. Last week’s talks between Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it would help resolve the conflict.
“The longer the conflict with Iran persists, the greater the risk of protracted oil price scarring, which could keep interest rates higher for longer,” Prestige Economics’ Jason Schenker said in a note.
“This could also present persistent downside risks to growth.”
Drone attacks on the UAE and Saudi Arabia and rhetoric from the U.S. and Iran raised concerns of an escalation in the conflict.
Emirati officials said they were investigating the source of the strike on the Barakah nuclear power plant and that the UAE had the full right to respond to such “terrorist attacks.”
Saudi Arabia, which intercepted three drones that entered from Iraqi airspace, warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.
“These drone strikes are a pointed warning – renewed U.S. or Israeli strikes on Iran could trigger more proxy attacks on Gulf energy and critical infrastructure by Iran or its regional proxies,” IG market analyst Tony Sycamore said.
Trump is expected to meet top national security advisers on Tuesday to discuss options for military action regarding Iran, Axios reported.
Separately, in a move that could support oil prices, the Trump administration on Saturday allowed a sanctions waiver to lapse that had previously allowed countries including India to buy Russian seaborne oil after a month-long extension.
Business
Sarah Khan supports her spouse Falak Shabir’s dress code opinion
Singer Falak Shabir’s wife and actor Sarah Khan shared her views on what feminism meant to her and also backed her husband’s comments on the dressing of women on social media.
Khan’s comments, however, elicited a mixed response online. “Make a law against those who wear short dresses in public places, bazaars and streets.” This statement put TikTokker Shabir in an internet controversy after he asked Punjab Chief Minister Maryam Nawaz to do so.
In reaction to the backlash, Khan defended her husband with a number of Instagram stories, saying his words were not just aimed at women, but both genders.
She also accused some women in Pakistan of propagating a twisted form of feminism.
“Values, dignity, respect and responsibility are the pillars of a healthy society. Khan wrote: “Behaviour that undermines these principles is affecting not just one group but everyone – and it has been normalised and celebrated.
Business
NEC to convene tomorrow as govt wraps up budget 2026-27
The National Economic Council (NEC) is slated to hold an important meeting tomorrow at the Prime Minister’s House as the government is close to finishing the federal budget for the fiscal year 2026-27.
Prime Minister Shehbaz Sharif will chair the meeting which would be held at 3 pm and would discuss the approval of the national development budget and identification of major economic priorities for the next fiscal year.
According to the schedule of the meeting, the chief ministers of all four provinces would be participating as members of the council and the discussions would be held on the plans of federal and provincial development spending.
The council will analyse the development budget for the outgoing fiscal year 2025-26 and assess the success on the existing public sector investment initiatives before making allocations for the next financial year.
Provincial governments are also required to prepare their Annual Development Programmes (ADPs). The council will discuss ideas related to federal and provincial development expenditures and approve significant economic targets for 2026-27.
Besides deliberations on the Public Sector Development Programme (PSDP), and other public sector investment goals, the participants will be briefed about the major social and economic indicators in detail by provinces.
The meeting agenda will also feature a presentation of the performance report of the Central Development Working Party (CDWP) for the period from 1st April, 2025 to 31st March, 2026.
The assessment will also include reports relating to the approvals by the CDWP and the Executive Committee of the National Economic Council (ECNEC) for different development initiatives over the same period.
Participants are also scheduled to be presented monitoring and assessment reports regarding important development initiatives in the country.
The conference will begin with a full presentation by the Federal Minister for Planning on development priorities, investment plans and allocations for the next financial year.
The NEC conference is seen as an important precursor to the formal announcement of the federal budget with policy makers trying to balance the demands of the fiscal limits with those of the development needs and economic growth goals.
Business
Flour prices were increased by private mills.
on Sunday, private enterprises’ flour has doubled in price despite the government setting the price of wheat and the crushing season.
A five-kilogram bag of flour is being sold for Rs. 900 to Rs. 1000, while private enterprises have set the price of flour per kilogram at Rs. 180 to Rs. 200.
Flour from various private enterprises is offered for between Rs. 7200 and Rs. 8000 per 40 kg.
In the open market in Lahore, wheat can fetch up to Rs 4000 every 40 kg.
Flour is being sold by private businesses for twice as much as wheat.
Effective measures to stop excessive profiteering in flour sales were required by the public.
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