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.
Pakistan’s textile exports decreased dramatically in June, 2026, down 22.63 per cent compared to the previous month, government statistics showed.
Textile exports were registered at $1.282 billion in June compared to $1.657 billion in May 2026, suggesting poorer monthly export performance, sources added.
Year-on-year, shipments also fell from $1.522 billion in June 2025 to $1.282 billion in June this year.
On a yearly basis, Pakistan’s textile sector registered a small growth in exports throughout the full fiscal year, despite the monthly slowdown.
The results showed textile exports for FY2025-26 were at $17.97 billion as against $17.91 billion in FY2024-25, up 0.34 per cent on an annual basis.
Textile sector remains the largest export sector and a vital source of foreign exchange for Pakistan. Industry stakeholders have frequently highlighted that reliable energy sources, low production prices and favourable global demand are key to maintaining export growth.
“Monthly export figures may change depending on shipment dates, foreign demand and shifting commodity costs, analysts added. They said the June drop could dent performance in the near term but the industry nevertheless managed to post modest annual growth in the fiscal year.
The recent data comes as Pakistan is trying to grow its export base and improve external sector stability through increasing value-added exports and increasing access to international markets.
The federal government on Friday announced a reduction of Rs1.97 in the prices of petrol and high speed diesel (HSD) for the coming week.
The Ministry of Energy (Petroleum Division) issued a notification stating that the revised ex-depot prices will be effective from July 4, 2026.
The price of motor spirit (petrol) was reduced to Rs297.53 per litre from Rs299.50 and the price of high-speed diesel (HSD) was cut to Rs309.50 per litre from Rs311.47 after the change.
The Pakistan Stock Exchange’s benchmark KSE-100 index witnessed robust gains over the week, up 3.22 percent.
The PSX 100 index soared 5,800 points throughout the week to conclude at 185,372 points.
The index traded in a range of 7,559 points over the trading week, showing healthy market activity and investor interest.
During the week, a total of 4.32 billion shares were exchanged and transactions worth Rs238 billion were registered in the market.
Meanwhile, market cap climbed by Rs628 billion over the week to Rs20,762 billion.
A 1-0 victory against Ghana by Colombia has set up a match against Switzerland.
Symbols are distributed by the AJK Election Commission to twenty-four registered political parties.
All schools in Balochistan are prohibited from using physical punishment.
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