Business
Oil steadies after two-day drop as traders examine Hormuz traffic
Oil steadied on Wednesday following two days of severe declines as investors waited for signs of progress in talks to end the U.S.-Iran dispute and reopen commerce through the blockaded Strait of Hormuz.
Brent crude futures were up 26 cents, or around 0.33%, at $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate crude was up 0.16%, or 12 cents, to $75.90 a barrel.
Qatar claimed on Tuesday mediators are making headway in efforts to end the war, bringing oil prices lower, though Tehran has dismissed U.S. President Donald Trump’s assertion that discussions are already under way. Brent fell below $80 a barrel for the first time since July 13 on Tuesday.
“The main sticking point appears to be whether Iran will stick to its guns and demand a level of control over the waterway, and whether the US will stand its ground and reject that outcome,” IG analysts wrote in a note.
Brent fell more than 5% on Tuesday, adding to sharp losses after comments from Qatar on Monday raised expectations that an agreement may be struck shortly. Some 20% of the world’s oil and liquefied natural gas passed through the strait before the war, and prices soared 50% in March alone.
Qatar’s Emir Sheikh Tamim bin Hamad Al Thani and Trump spoke on Tuesday about attempts to reduce divisions between Washington and Tehran and boost the prospects for a durable settlement, the Emiri administration said.
Trump claimed on Monday discussions with Tehran had begun and Iran had a “last chance” to strike a deal. Iranian officials deny that any talks are taking place with the U.S.
U.S. oil and gasoline stockpiles rose and distillate stocks declined last week, market sources reported on Tuesday citing data from the American Petroleum Institute.
Crude inventories rose by roughly 2.7 million barrels in the week ended July 31, sources said on condition of anonymity.
Official figures from the EIA, the statistical arm of the U.S. Department of Energy, are due at 10:30 a.m. ET (1430 GMT) on Wednesday.
Pakistan Stock Market began the third day of the business week by getting back the 180,000-point threshold, with the benchmark KSE-100 Index adding almost 1,000 points.
The stock market opened on a strong note with the KSE-100 Index gaining over 1,000 points to hit 180,863 points.
The development came a day after the benchmark index ended lower. The KSE-100 Index ended the previous trading session with a fall of 1,463 points to close at 179,846 points.
A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.
According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.
Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.
According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.
Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.
Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.
It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.
Pakistan has announced new gasoline rates, in which petrol price has decreased by Rs 1.70 per litre while high speed diesel (HSD) price has increased by Rs 1.39 per litre.
The Petroleum Division said in a news release Tuesday that the new revised rates will come into effect from August 12, 2026. The amendments were introduced by the Oil and Gas Regulatory Authority (OGRA) under the revamped petroleum price structure of the federal government.
The price of motor spirit, widely known as petrol, has been decreased from Rs327.62 to Rs325.92 a litre, a reduction of Rs1.70.
In contrast, the high-speed diesel price has been hiked by Rs1.39 to Rs382.25 a litre from Rs380.86.
OGRA has amended the ex-depot prices of petroleum products in line with the revised pricing structure given by the federal government, the Petroleum Division said.
ICC ODI World Cup 2027: 10 teams booked their spots
Majority of Pakistanis express optimism over country’s long-term direction: Report
Pentagon: US strikes in Yemen killed 153 people, wounded 243 in 2025
ICC board meeting in India: Mohsin Naqvi gets invitation
23 people have died during the monsoon as rain-related incidents plague Punjab and KP.
A meta program to monitor mouse clicks made by employees in violation of EU privacy regulations
-
Latest News3 months agoICC board meeting in India: Mohsin Naqvi gets invitation
-
Latest News3 weeks ago23 people have died during the monsoon as rain-related incidents plague Punjab and KP.
-
Latest News2 months agoA meta program to monitor mouse clicks made by employees in violation of EU privacy regulations
-
Latest News3 weeks agoPakistan making rapid progress in robotics, AI: Shaza Fatima
-
Business3 months agoThe IMF mission has arrived in Pakistan for discussions regarding the budget.
-
Latest News3 months agoTo commemorate the anniversary of Marka-e-Haq, top civic and military leaders assemble at Pakistan Monument.
-
Latest News2 months agoChina and Pakistan Establish Collaborative Herbal Medicine Laboratory to Enhance Traditional Medicine Partnership
-
Latest News1 month agoThe newly elected chief minister of Gilgit-Baltistan’s oath-taking ceremony was postponed.