Business

Oil prices rise on focus on supply recovery, demand

Published

3 months ago

July 7, 2026

Bilal

Oil prices rose slightly on Tuesday, but gains were limited as traders ignored lessening geopolitical tensions in the Middle East and focused instead on supply increases and demand predictions.

Brent crude futures were up 38 cents, or 0.5%, at $72.37 a barrel, and U.S. West Texas Intermediate crude increased 30 cents, or 0.4%, to $68.85 a barrel as of 0350 GMT, having closed Monday at about pre-Iran conflict levels.The moves toward recovery in supply have softened the immediate risk premium but the market remains hesitant of putting too much faith in the stability of the present truce given the on again off again nature of U.S.-Iran ties,” said Tim Waterer, chief market analyst at KCM Trade.We will be looking for early evidence of demand response, notably from China. “The market has priced in a lot of the good news on the supply side, so the next leg in oil prices will depend on whether the physical reality meets the optimistic headlines.

President Donald Trump said Monday the United States would either strike a deal with Iran or “finish the job,” reiterating his threat of military action as Tehran projected defiance after the funeral of former Supreme Leader Ayatollah Ali Khamenei.

Investors have been monitoring the health of ships via the Strait of Hormuz as they keep an eye on the progress of U.S.-Iran talks and the resurgence of Gulf oil exports.

Iran’s Revolutionary Guards launched at least two missiles at commercial ships traversing the Strait of Hormuz on Monday night, Axios said, citing two U.S. sources. The report indicated the commercial ships were badly damaged but there were no casualties.

Japanese-owned supertankers carrying Saudi Arabian crude headed on Tuesday to the Strait of Hormuz to leave the Gulf, shipping data revealed, joining a fleet of previously stranded vessels that escaped a day earlier.

Oil flow recovery is proving slower than predicted, ANZ analysts said in a report, despite the recent rise in strait activity.The first rebound in tanker transits across the Strait of Hormuz has stumbled, with vessel crossings continuing in single digits and no steady improvement in sight, they claimed.”The interim U.S.-Iran deal has diminished near-term geopolitical risks but shipping operators are still wary and curtail how quickly crude exports can return to normal levels.”

Meanwhile crude output from the United Arab Emirates topped more than 3.8 million barrels per day in June, its highest since April 2020 and beyond pre-Iran war levels, after it exited OPEC+ production limitations in May, according to Reuters estimates.

The Organization of the Petroleum Exporting Countries and allies including Russia agreed Sunday to raise output objectives by an additional 188,000 barrels per day from August, on top of comparable increases for June and July.

Saudi Arabia lowered the August official selling price (OSP) for its Arab Light crude to Asia by $1.50 a barrel below the Oman/Dubai average, a $11 fall from the previous month and the greatest cut in more than two decades, according to a Saudi Aramco pricing announcement on Monday.

Business

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

Published

1 hour 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

1 hour 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.