Oil prices tumbled more than $4 a barrel on Monday after US President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would reopen the Strait of Hormuz. Brent crude futures slid $4.49, or 5.11 per cent, to $83.44 by 0408 GMT while US West Texas Intermediate…
Mortgage rates in the U.S. hit their highest level in a year on Thursday as renewed tensions in the Middle East and the Federal Reserve’s interest rate decision this week fanned inflation concerns. The rate on a conventional 30-year mortgage averaged 6.66% in the week ending July 30, the highest level since July 2025, according to…
The nation’s gross domestic product grew at an annual rate of 1.5% in the second quarter, the Commerce Department said Thursday, weaker than economists expected and a sign the Iran war is hurting growth. Economists polled by Reuters predicted GDP would rise at an annualized rate of 2.1% for April to June. GDP measures the…
The Foreign Office (FO) said on Thursday that Pakistan was doing its “utmost” to bring the United States and Iran back to the negotiating table under the Islamabad memorandum of understanding (MoU) signed last month. Addressing a weekly press briefing, FO spokesperson Tahir Andrabi said Pakistan noted with concern that the security situation in the…
Iran passed another night without US airstrikes between Saturday and Sunday, as Washington paused a war nearing its fifth month and reports emerged that concerns over dwindling munitions were restraining plans for further escalation. The lull has revived hopes of a return to negotiations after nearly two weeks of consecutive nightly US bombardments, although US…
Houthi rebels claimed a missile strike on Saudi Arabia on Saturday, hours after vowing to retaliate against the kingdom for attacks as the Middle East conflict expanded. Riyadh struck Houthi military targets in Hodeida on Friday, with rebel media reporting two wounded after the Yemeni group announced a maritime blockade of the top oil producer…
Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran’s chokehold on the strait drags on and oil prices surge — to over $100 per barrel for Brent Crude…
Global oil prices neared $100 a barrel on Thursday as the conflict in the Middle East escalated, with Iran-backed Houthi rebels in Yemen targeting shipping in the Red Sea. Brent crude, the international standard, reached $98.82 a barrel, up $4.75, or 5.05%, according to oilprice.com. West Texas Intermediate, the U.S. benchmark, hit $90.67 a barrel, up…
Prime Minister Shehbaz Sharif on Thursday condemned Houthi attacks on Saudi oil tankers in the Red Sea in a telephone conversation with Saudi Crown Prince Mohammed bin Salman. “Such actions are unacceptable, violate international law, threaten freedom of navigation and undermine regional peace and security,” PM Shehbaz said in a post on the social media…
London — The U.S. military’s Central Command repeated an assertion on Tuesday evening that has been made by the Trump administration many times over the last two weeks, insisting that “despite Iranian aggression, the Strait of Hormuz remains open for commercial vessel traffic.” CENTCOM acknowledged in the same statement that Iran had launched more than 30…
