Oil up 6% as Israel strikes avoid oil sites
Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies.
Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 1712 GMT, after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62.
Friday's gains were the largest intraday moves for both contracts since 2022.
The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate.
One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at Tradu.com. In other markets, stocks dived and there was a rush to safe havens such as gold and the US dollar and Swiss franc. REUTERS
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Business Recorder
9 hours ago
- Business Recorder
Quetta chamber highlights obstacles to trade with Iran, Afghanistan
ISLAMABAD: Despite importing hundreds of items from Iran, Pakistan exports only 10 items to the neighbouring country, exposing a stark imbalance in bilateral trade that has drawn concern from the Quetta Chamber of Commerce. The Chamber representatives, on Thursday, informed the Senate Standing Committee on Finance at length about the major challenges being faced by local businessmen in carrying out trade activities through the Pakistan-Iran and the Pakistan-Afghanistan border areas. It is learnt that the issues were raised by the Quetta Chamber of Commerce and Industry during a joint session of the Senate Standing Committees on Finance and Trade with the office-bearers and members of the Chamber. Businessmen voice concerns over trade challenges at Iran, Afghanistan borders On the occasion, the President of the Chamber, Muhammad Ayub Mariani, Senior Vice President Haji Akhtar Kakar, Vice President Engineer Mir Wais Khan, and others stated that not only have they conveyed the obstacles in bilateral trade with Iran and Afghanistan to the higher authorities, but they have also held dialogues with Afghan and Iranian officials in this regard. President of the Chamber Mariani, Senior Vice President Kakar, and Vice President Mir Wais Khan informed the participants that due to the requirement of the EIF form, bilateral trade has come to a halt, and Pakistani cargo trucks are being held in Iran unnecessarily for 15 to 20 days. They also mentioned that Pakistan exports only 10 items to Iran, while hundreds of items are imported from Iran. Complaints were also made about the increase in attestation and visa fees. They also discussed the Joint Economic Forum and Joint Border Trade Committee with Iran, lamenting that unfortunately, the recommendations of the Economic Forum and Joint Border Committee have not been implemented by either country. They demanded the inclusion of officials from the federal ministries of Commerce and Finance, as well as the prime minister's representatives, in the merging of the Economic Forum and Joint Border Trade Committee, so that matters can reach a logical conclusion. They expressed reservations about the reopening and then closure of the Badini border, the reopening of Qamaruddin Karez border, inactivity of border markets, and other issues, and presented suggestions. They stated that if cold storage and LPG terminals and other issues at Chaman and Taftan borders are resolved, trade volume with neighboring countries can be significantly increased. On this occasion, Chairman Saleem Mandviwalla said that for the past six months, they had been receiving complaints in Islamabad regarding Pakistan-Iran and Pakistan-Afghanistan bilateral trade issues. Therefore, they decided to come here and listen to the stakeholders. The provincial government was also taken into confidence in this regard. Some issues will be resolved here on the spot, while others will be conveyed to higher authorities. We want to address the complaints and concerns we have heard. We have come to end the sense of deprivation and backwardness in Balochistan. If we cannot solve these problems collectively, it would be a failure of the federation. He said that they have discussed border issues here and will visit Chaman and Taftan next time to assess the situation. He mentioned that the Iranian Consul General gave them a list of issues, and Balochistan's business community also shared their problems. These will be presented to the Iranian president and the high-level delegation accompanying him. He clarified that borders are not closed — only smuggling has been curbed. If full freedom is given, then sugar and other goods will become more expensive. He added that Iranian petrol is entering under a token system, but not through tankers. In response to a question, he stated that global economic sanctions on Iran are the main obstacle to the pipeline project. Whenever steps are taken in this regard, Pakistan also receives threats of sanctions. However, this project should be completed as it has no military or war-related objectives—it is purely for the welfare of the general public. Talks on this matter are still ongoing. Our job is not to restrict trade but to facilitate it. Chairperson of the Senate Standing Committee on Commerce, Anusha Rahman, has said that barter and border trade with the neighbouring brotherly Islamic country Iran should be conducted on a free and equal basis. After consultation with stakeholders regarding the obstacles and difficulties in bilateral trade, the recommendations have been finalised. She stated that they want a separate SRO for barter trade with Iran so that hurdles in trade with Iran can be eliminated. She directed the chairman of TDAP to ensure support for the Chamber of Commerce and Industry members and officials regarding online trade. She reiterated that border and barter trade with Iran and Pakistan should be on an equal basis. She directed TDAP officials to allocate funds for cold storage, LPG terminals, and other facilities at the borders. She also stated that the opening of the Chaman border is scheduled for September, and they will definitely participate in it. The Consul General of Iran in Quetta, Ali Reza Razaei, said that Iran is always ready to hold discussions to resolve the difficulties faced in bilateral trade relations with Pakistan. He stated that Iran wants to trade with Pakistan through land, sea, and air routes, and the lack of cooperation in this regard is disappointing. 'We are not here to compete with each other, but to highlight bilateral trade issues,' he said. 'The doors of the Iranian Consulate are always open for traders.' The session was also attended by Senator Manzoor Khan Kakar, Senator Bilal Khan Mandokhail, Senator Jan Muhammad Buledi, Iran's Consul General Ali Reza Rezaei, Additional Secretary Commerce, Chairman TDAP, Chief Collector Customs, and other officials. Copyright Business Recorder, 2025
Business Recorder
17 hours ago
- Business Recorder
Oil falls more than $2 a barrel on worries about OPEC+ supply, US jobs data
HOUSTON: Oil prices fell more than $2 a barrel on Friday morning on jitters about a possible increase in production by OPEC and its allies, while weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures were down $2.04, or 2.85%, at $69.66 a barrel by 9:52 a.m. CDT (1452 GMT). U.S. West Texas Intermediate crude was down $1.95, or 2.82%, at $67.31. Both benchmarks remained on track for weekly gains. Three people familiar with discussions among OPEC members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day in September. A fourth source familiar with OPEC+ talks said discussions on volume were ongoing and the hike could be smaller. The U.S. Labor Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2% from 4.1%. 'We can blame U.S. President Donald Trump with the tariffs or we can blame the Federal Reserve for not raising interest rates,' said Phil Flynn, senior analyst with Price Futures Group. 'It looks like the Fed misjudged their decision on Wednesday.' On Wednesday, the Fed voted to keep interest rates unchanged, drawing criticism from Trump and a chorus of Republican legislators. Oil lost more than 1% in the previous session, though Brent remained on course for a weekly gain of 4.6%, with WTI headed for a weekly gain of 6.5%. Oil traders have focused on the potential impact of U.S. tariffs, with tariff rates on U.S. trading partners largely set to take effect from next Friday. Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign territories that failed to reach trade deals by his August 1 deadline, including Canada, India and Taiwan. Partners that managed to secure trade deals include the European Union, South Korea, Japan and Great Britain. 'We think the resolution of trade deals to the satisfaction of the market – more or less, barring a few exceptions – has been the key driver for oil price bullishness in recent days, and further progress on trade talks with China in future could be a further confidence booster for the oil market,' said Suvro Sarkar at DBS Bank. Prices were also supported this week by Trump's threats to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Russia into halting its war in Ukraine. Thishas stoked concern over potential disruption to oil trade flows and the removal of some oil from the market. JP Morgan analysts said on Thursday that Trump's threatened penalties on China and India over their purchases of Russian oil potentially put 2.75 million barrels per day (bpd) of Russian seaborne oil exports at risk. China and India are the world's second and third-largest crude consumers respectively.
Business Recorder
20 hours ago
- Business Recorder
Businessmen voice concerns over trade challenges at Iran, Afghanistan borders
ISLAMABAD: The representatives of Quetta Chamber of Commerce informed the Senate Standing Committee on Finance at length about the major challenges being faced by local businessmen in carrying out trade activities through the Pakistan-Iran and the Pakistan-Afghanistan border areas, a statement said. The businessmen also highlighted that despite importing hundreds of items from Iran, Pakistan exports only 10 items to the neighbouring country, exposing a stark imbalance in bilateral trade, the statement added. As per the details, Quetta chamber president Muhammad Ayub Mariani, senior vice president Haji Akhtar Kakar, vice president engineer Mir Wais Khan, and others stated that not only had they conveyed the obstacles in bilateral trade with Iran and Afghanistan to the higher authorities, but also held dialogues with Afghan and Iranian officials in that regard. Govt bars pilgrims from traveling to Iran, Iraq by road this Arbaeen The participants were informed that due to the requirement of the Electronic Import Form (EIF) form, bilateral trade had come to a halt, and Pakistani cargo trucks were being held in Iran unnecessarily for 15 to 20 days. Complaints were also made about the increase in attestation and visa fees. They also discussed the Joint Economic Forum and Joint Border Trade Committee with Iran, lamenting that the recommendations of the Economic Forum and Joint Border Committee had not been implemented by either country. The businessmen demanded the inclusion of officials from the federal ministries of Commerce and Finance, as well as the prime minister's representatives, in the merging of the Economic Forum and Joint Border Trade Committee, so that matters could reach a logical conclusion. They expressed reservations about the reopening and then closure of the Badini border, the reopening of Qamaruddin Karez border, inactivity of border markets, and other issues, and presented suggestions. The businessmen stated that if cold storage and LPG terminals and other issues at Chaman and Taftan borders were resolved, trade volume with neighboring countries could be significantly increased. On the occasion, committee chairman Saleem Mandviwalla said for the past six months, they had been receiving complaints in Islamabad regarding Pakistan-Iran and Pakistan-Afghanistan bilateral trade issues. Cross-border trade: FBR issues PSW (Evidence of Identity) Regulations Some issues would be resolved on the spot, while others would be conveyed to higher authorities, he added. Mandviwalla said mentioned that the Iranian Consul General had given them a list of issues, and Balochistan's business community also shared their problems. They would be presented to the Iranian president and the high-level delegation accompanying him, he added. Iran President Dr Masoud Pezeshkian is due to visit Pakistan on August 2 (Saturday) for a two-day trip.
