News

Oil price alert: Will Strait of Hormuz blockade push oil to hit $215 per barrel amid Middle East tensions?  The Economic Times

Trump considers seizing Strait of Hormuz over oil  Українські Національні Новини (УНН)

Trump considering ‘options to mitigate’ oil prices amid Iran war disruptions  NBC News

Iran war fuel crisis forces Pakistan to close schools, take austerity measures MEE staff on Mon, 03/09/2026 - 19:21 The steep austerity measures come as the US-Israeli war on the Islamic Republic shows no signs of slowing Pakistani Prime Minister Shehbaz Sharif at the Congress Centre in Ashgabat, Turkmenistan, on 12 December 2025 (Alexander Kazakov/Sputnik via Reuters) Off Pakistani Prime Minister Shehbaz Sharif announced on Monday the closure of all schools through the end of the month, and remote work for all university students and half the workforce, as his country implements steep austerity measures amid soaring global fuel prices. The US-Israel war on Iran is now into its second week, with few signs that US President Donald Trump plans to scale back the operation. Iran has been retaliating against US assets in the Gulf - a region that produces a quarter of the world's entire oil supply - and choking off the Strait of Hormuz.  “These attacks have posed a great threat to the whole region,” Sharif said in televised remarks.  With Pakistan highly dependent on energy exports from the Gulf, "the government took difficult decisions for the country’s economy", he added.  The four largest exporters of fuel to Pakistan are the UAE, Qatar, Saudi Arabia, and Kuwait, all countries that have either stopped production due to the war on Iran, or cannot export due to the closure of the Strait of Hormuz. (adsbygoogle = window.adsbygoogle || []).push({}); Around 20 percent of all global petroleum consumption passes through the Strait of Hormuz. Together, Qatar and the UAE account for around 99 percent of Pakistan's Liquefied Natural Gas imports. Fifty percent of the staff in both the public and private sectors in Pakistan will work from home, Sharif said, excluding those in essential services such as agriculture and banking. Institutes of higher learning will also move their classes online.  Will the Iran war trigger a Saudi Arabia-Pakistan mutual defence pact? Read More » Government expenses will be scaled back by 20 percent, and large purchases such as furniture and air conditioners are prohibited. Government officials who earn more than 300,000 Pakistani rupees ($1,074) a month will have two paydays deducted, and the use of government vehicles will be reduced by 60 percent for the next two months. Fuel allowances for those vehicles will be cut in half.  The federal cabinet will not be paid a salary for the next two months, and members of parliament will see a 25 percent reduction in their wages.  All lawmakers are banned from foreign trips. Official iftars for Ramadan and other dinners and parties have also been banned.  Global shock It is not just Pakistan that is suffering from the shock to global energy markets, but it may be one of the first to implement austerity measures. Global commodity markets were jolted when they reopened on Monday, as the war on Iran continued to escalate over the weekend. Israel struck over 30 oil depots in Iran on Saturday, including in Tehran and Karaj. The strikes on depots went far beyond what the US expected when Israel notified it in advance, according to a report in Axios.  (adsbygoogle = window.adsbygoogle || []).push({}); Iran threatened to attack oil facilities in neighbouring countries in response.  It launched a fresh wave of attacks on the Gulf on Sunday, with attacks reported in the UAE, Qatar, Bahrain, and Kuwait.  Oil prices jumped to the highest levels since Russia's invasion of Ukraine in 2022, before falling back slightly. Brent crude prices soared as high as $119 per barrel, while the US's ⁠West Texas Intermediate rose to $119.48 a barrel. Pakistan had already been suffering from high inflation, soaring debt and low foreign exchange reserves. It was also embroiled in a war of its own. Before the war on Iran began, Pakistan had been carrying out air strikes along its border with Afghanistan because of what it described as militias being harboured by the Taliban, intending to carry out attacks in Pakistan.  (adsbygoogle = window.adsbygoogle || []).push({}); Nearly a year earlier, it was exchanging fire with India, in what was a brief but tumultuous period, given that the two countries are nuclear powers.  Sharif has condemned the US-Israeli attacks on Iran as well as the Islamic Republic's attacks on the Gulf, and offered to be a mediator to bring an end to a rapidly escalating conflict.  "We tried to take the middle road so that the burden on you is less," he told his compatriots on Monday.  "I will try [to ensure] that the burden does not fall on you. For this, efforts are ongoing day and night," he added.  War on Iran News Post Date Override 0 Update Date Mon, 05/04/2020 - 21:19 Update Date Override 0

Trump to hold news conference in Florida as Iran war rages  CBS News

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Trump Iran US Military Deaths Casualty Return  Times Argus

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The alert said that there is ‘no operational threat tied to a specific location’

Does the Iraq war hold lessons for Iran?  NPR

Trump Calls Iran War "Very Complete", Threatens To Take Over Hormuz Strait  NDTV

SYDNEY, March 10 (Reuters) - Australia on Tuesday agreed to provide visas to five Iranian women's soccer players to stay in the country, after U.S. President Donald Trump urged Canberra not to send them back to Tehran due to concerns over their safety. Home Affairs Minister Tony Burke told reporters the other members of the team were welcome to stay back in Australia. The team is in Australia for the Asian Cup tournament.

Editorial: As the world tips towards financial oblivion, its leaders must find a way to make the US president listen to the markets if he will not listen to them

The Iran Conflict Is Sending Oil Prices Soaring—What Happens Next?  CSIS | Center for Strategic and International Studies

Seventh US service member killed in Iran war identified  CNN

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The US benefits from the closing of the Hormuz Strait are 'tremendous,' expert says  Fox Business

Israel’s aims likely the key determinant of Iran war’s duration  Asia Times

Shadow fleet dominates Hormuz crossings as Iran ramps up bypass loadings  Lloyd's List

Poll: Most Americans oppose war in Iran, but most Republicans support it  NPR