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