Middle East | Pakistan

Oil prices fall after topping $119 a barrel on Monday Trump predicted the war in the Middle East could be over soon G7 ready to act on oil surge but holds off tapping reserves Oil prices plummeted 7 per cent on Tuesday after soaring to a more than three-year high in the previous session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to oil supplies. Brent futures were down $6.75, or 6.8pc, to $92.21 a barrel at 10:12 GMT, while US West Texas Intermediate (WTI) crude was down $6.41, or 6.8pc, to $88.36 a barrel. Both contracts fell as much as 11pc earlier. Volumes in Brent dropped to about 213,000 contracts, the lowest amount since February 27, just before the start of the conflict. Volumes in WTI fell to 212,000, the lowest since February 20. Oil surged to more than $119 barrel on Monday to its highest since mid-2022 as supply cuts by Saudi Arabia and other producers stoked fears of major disruptions to global supplies. Prices late...

Law Minister Azam Nazeer Tarar on Tuesday called on the media to exercise caution when discussing matters related to Pakistan’s foreign policy amid escalating tensions in the Middle East, citing “unease” voiced by “friendly countries”. He made the remarks while addressing a press conference alongside Information Minister Ataullah Tarar and Minister of State for Interior Tallal Chaudry. The press conference came against the backdrop of conflict in Iran, which has been embroiled in a war with the United States and Israel since the latter’s February 28 strikes, prompting retaliatory strikes from Iran on neighbouring countries, which house US bases. Taking note of the recent escalation in the Middle East following US-Israeli attacks on Iran, the minister stressed the need for caution in the “narrative on these matters on social media, electronic media, and print media”. “As a nation, we must keep in mind that when expressing our views, we have to keep the constitution and Pakistan’s foreign policy under considera...

Flights from Pakistan to the Middle East continued to face disruptions on Tuesday amid ongoing regional tensions, leading to multiple flight cancellations.

ISLAMABAD: As the conflict in the Middle East escalates, Pakistan’s Planning Commission has cautioned about possible economic impacts on the country, including increased energy costs, strain on remittance inflows, and potential interruptions to exports and financial stability. The ministry warned that instability in the region, especially around the strategic Strait of Hormuz, could drive up global oil prices and sharply increase Pakistan’s import costs, given the country’s heavy dependence on petroleum imports from the Middle East, according to the Ministry of Planning’s Monthly Development Update for March. Such developments could also fuel domestic inflation, raise production and freight costs for exporters, and place additional pressure on the exchange rate and fiscal position, according to the report released here on Saturday. At the same time, prolonged conflict could affect remittance inflows from Gulf countries, where millions of Pakistani workers are employed, and create uncertainty for Pakistan’s ex...

UNHCR declares emergency in Middle East

Pakistan expressed “serious concern” on Thursday on recent attacks targeting Azerbaijan and Turkiye, calling for restraint and emphasising the need for dialogue and diplomacy. The calls comes against the backdrop of an ongoing war between Iran and the US and Israel, which has expanded across the Middle East with Tehran targeting US bases and assets in other countries and Tel Aviv targeting Hezbollah in Lebanon. On Thursday, a drone struck an airport building in Azerbaijan’s exclave of Nakhichevan and exploded. Two people were injured in the incident, for which Azerbaijan held Iran responsible, but Iran has denied involvement in the incident and blames Israel. On Wednesday, Turkiye summoned the Iranian ambassador after a missile — apparently targeting a Cyprus base — landed in Turkish territory. Iran’s armed forces have also denied firing any missile towards Turkiye. Following the two incidents, the Foreign Office (FO) said in a statement that Pakistan expressed “serious concern” over the recent attacks target...

Turmoil in the Middle East has sent investors scrambling for safety once more, reigniting a debate over which assets truly offer protection in times of stress. The choice is complicated, as traditional refuges behave unpredictably. Gold has swung sharply, and the dollar — which has been out of favour in the past year — has bounced back. Here’s a look at how some of the favourites stack up: Greenback passes a test The dollar has arguably performed the best among safe havens this week. The dollar index, which tracks the US currency against six others, is up 1.5 per cent. The dollar has even gained against the Swiss franc and yen, which both typically outperform at times of market stress. That’s particularly notable as the dollar weakened when stocks fell following last April’s tariff turmoil, raising questions about its safe haven status. It’s short-term dollar cash that’s in demand, not other dollar assets, flow data shows. Of course, the US is a net energy exporter, so a crisis like this that sends benchmark ...

Prime Minister Shehbaz Sharif held separate telephone discussions with Malaysian Prime Minister Anwar Ibrahim and Indonesian President Prabowo Subianto amid rising tensions in the Middle East following Israeli strikes on Iran and other Gulf nations.

The ongoing war in the Middle East has intensified the regional aviation crisis, with more than 20,000 flights reportedly cancelled across eight countries over the past five days.

Gold prices climbed 2 per cent on Wednesday, rebounding from their lowest in more than a week reached in the previous session, as the dollar took a breather and mounting tensions in the Middle East drove investors toward safe havens. However, gold prices in Pakistan registered a significant drop of Rs10,000 per tola, settling at the rate of Rs 539,962 per tola. Spot gold gained 2.2pc to $5,198.58 per ounce by 10:17 GMT, after falling more than 4pc on Tuesday. U.S. gold futures for April delivery added 1.7pc to $5,211.20. The U.S. dollar fell 0.2pc, making greenback-priced gold more affordable for buyers using other currencies. “After the past few days of position unwinds and dollar strength, markets are back to a more typical macro risk-off stance, with silver higher too. A pause in the rise of the dollar and Treasury yields helps with their opportunity costs,” said Jamie Dutta, market analyst at Nemo.money. “Gold and silver’s safe-haven characteristics can shine again.” Spot silver advanced 5.3pc to $86.39 p...

Ishaq Dar has reaffirmed Pakistan’s commitment to diplomatic engagement to help ease mounting tensions in the Middle East, warning that recent developments have significantly destabilized an already sensitive regional environment.

Amid escalating tensions in the Middle East, air routes passing through Pakistan and Afghanistan have emerged as some of the busiest aviation corridors in the world, according to flight tracking data.

The Foreign Office (FO) on Saturday regretted the “breakdown of talks and outbreak of hostilities in the Middle East”. The statement came after United States and Israel launched strikes on Iran, plunging the region into a renewed military confrontation. Subsequently, several Gulf Arab states said they were targeted by Iranian missiles after Tehran pledged to retaliate against the strikes. In a statement, the FO said, “Pakistan regrets the breakdown of talks and outbreak of hostilities in the Middle East. Pakistan condemns the unwarranted attacks against the Islamic Republic of Iran. These attacks come at a time when diplomatic efforts were underway to reach a peaceful and negotiated solution.” The ministry maintained that such a course of action “will undermine the peace and stability of the entire region, with far reaching consequences”. Pakistan also “strongly condemned” the attacks by Iran against the brotherly countries of Saudi Arabia, Bahrain, Jordan, Kuwait, Qatar, and the United Arab Emirates (UAE). “...

Pakistan has appealed to all parties involved in the ongoing Middle East crisis to avoid any actions that could threaten the sovereignty and security of regional states.

Pakistan International Airlines (PIA) has temporarily stopped its flight services to several Gulf states in response to the developing security situation in the Middle East.

Pakistan, along with 13 other nations, has condemned the remarks made by US Ambassador to Israel Mike Huckabee, where he suggested that he would not be opposed to Tel Aviv taking over large swathes of the Middle East, the Foreign Office said on Sunday. Huckabee made the remarks in an interview with former Fox News host Tucker Carlson on Friday, where the envoy asserted that Israel’s borders are based on the Bible when questioned about the country’s current boundaries. In response, Carlson noted that the biblical verse included the region between the Euphrates River in Iraq and the Nile in Egypt. To this, Huckabee, who is a staunch pro-Israel conservative, said, “It would be fine if they (Israel) took it all”. In a joint-statement issued today, the foreign ministers of Pakistan, Egypt, Jordan, United Arab Emirates, Qatar, Indonesia, Kuwait, Oman, Turkiye, Saudi Arabia, Bahrain, Lebanon, Syria, and Palestine, along with the Organisation of Islamic Cooperation (OIC), the League of Arab States (LAS), and the Gulf...

The US ambassador to Israel, Mike Huckabee, has said that he would not be opposed to Tel Aviv taking over large swathes of the Middle East, reported Al-Jazeera. Huckabee, an evangelical Christian, is a staunch pro-Israel conservative. In a Friday interview with former Fox News host Tucker Carlson, the envoy asserted that Israel’s borders are based on the Bible when questioned about the country’s current boundaries. Carlson noted that the biblical verse includes the region between the Euphrates River in Iraq and the Nile in Egypt. “It would be fine if they took it all,” said Huckabee, who was appointed by President Donald Trump last year. Carlson, clearly surprised, questioned Huckabee on whether he truly endorsed Israel’s expansion across the entire region. “They don’t want to take it over. They’re not asking to take it over,” the ambassador replied. The US envoy then appeared to downplay his comments, describing them as “somewhat of a hyperbolic statement,” while still allowing for the possibility of Israeli...

(LEFT) Iran and Russia carry out a joint military exercise; while (right) US Air Force planes are seen on the tarmac at the Sofia airport in Bulgaria.—Reuters • Trump says Tehran has ‘10 days’ to make a deal with Washington, or ‘bad things will happen’ • Kremlin urges restraint; Germany pulls troops out of Iraq; Poland tells citizens to leave Iran WASHINGTON: War clouds are looming over the Middle East, as US warplanes and aircraft carriers head toward Iran in preparation for possible military action. Renewing his threats towards Tehran, President Donald Trump indicated on Thursday that the country has around 10 days to reach a deal with Washington, or “bad things will happen”. CNN and CBS reported on Wednesday that the US military would be ready to launch strikes against Iran as early as this weekend, though Trump has reportedly not made a final decision yet. White House Press Secretary Karoline Lea­vitt warned on Wednesday there were “many reasons and arguments that one could make for a strike against Iran”...

US President Donald Trump on Friday embraced potential regime change in Iran and declared that “tremendous power” will soon be in the Middle East, as the Pentagon sent a second aircraft carrier to the region. Trump’s military moves and tough talk come even as Washington and Tehran seek to revive diplomacy over Tehran’s long-running nuclear dispute with the West. Asked if he wanted regime change in Iran, Trump responded that it “seems like that would be the best thing that could happen.” He declined to share who he wanted to take over Iran, but said, “there are people.” “For 47 years, they’ve been talking and talking and talking,” Trump said after a military event at Fort Bragg, North Carolina. “In the meantime, we’ve lost a lot of lives while they talk. Legs blown off, arms blown off, faces blown off. We’ve been going on for a long time.” Washington wants nuclear talks with Iran to also cover the country’s ballistic missiles, support for armed groups around the region and the treatment of the Iranian people. ...

The Pentagon is sending an aircraft carrier from the Caribbean to the Middle East, US officials said on Friday, a move that would put two carriers in the region as tensions soar between the United States and Iran. The Gerald R. Ford carrier, the United States’ newest and the world’s largest carrier, has been operating in the Caribbean with its escort ships and took part in operations in Venezuela earlier this year. Asked why a second aircraft carrier was headed to the Middle East, US President Donald Trump said: “In case we don’t make a deal, we’ll need it … if we need it, we’ll have it ready.” One of the officials, who was speaking on condition of anonymity, said the carrier would take at least a week to reach the Middle East. The Gerald R. Ford will join the Abraham Lincoln carrier, several guided-missile destroyers, fighter jets and surveillance aircraft that have been moved to the Middle East in recent weeks. The United States most recently had two aircraft carriers in the area last year, when it carried ...