Author: Admin

Pakistan Emerges Key Diplomatic Bridge as US–Iran Backchannel Opens

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iran-uae

ISLAMABAD: Pakistan has moved into the diplomatic spotlight on the 24th day of the US-Israel conflict with Iran, playing a pivotal role alongside Turkiye and Egypt in facilitating indirect communication between Washington and Tehran, officials said. The coordinated effort is being credited with helping secure a five-day pause in planned US strikes on Iranian energy and power infrastructure, announced by Donald Trump, who cited “productive conversations” with Iran that could potentially lead to a broader resolution. According to officials, the backchannel diplomacy involved indirect exchanges between US Special Envoy Steve…

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Total Energies Exits US Offshore Wind, Redirects $1bn to Oil and Gas

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Total-Energies

HOUSTON: French energy giant Total Energies and the United States government have agreed to redirect nearly $1 billion from offshore wind investments toward oil and natural gas development, signaling a major policy shift in US energy strategy. The move aligns with the administration of Donald Trump, which has actively discouraged offshore wind expansion while promoting domestic fossil fuel production. The company will halt development of new offshore wind projects in the US, while Washington will reimburse approximately $1 billion previously paid by TotalEnergies for lease acquisitions. US Interior Secretary Doug…

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Oil Prices Plunge 10% as US–Iran Talks Ease War Fears

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Oil-Price1

NEW YORK: Oil prices tumbled by around 10 percent on Monday, hitting a one-week low after Donald Trump announced a five-day postponement of potential US military strikes on Iranian power plants, citing constructive diplomatic talks aimed at de-escalating the ongoing Middle East conflict. Benchmark Brent crude futures dropped $11.17, or 10 percent, to $101.02 per barrel, while West Texas Intermediate (WTI) fell $9.28, or 9.5 percent, to $88.95. The decline followed weeks of extreme volatility, with Brent recently reaching its highest level since July 2022. The four-week-long conflict has severely…

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Trump vows no more attacks by Israel on Iran gas field after it ‘violently lashed out’

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iran israel war

DOHA/RIYADH: US President Donald Trump said an angry Israel “violently lashed out” and attacked Iran’s major gas field, a significant escalation in the US-Israeli war, but ruled out further such attacks by Israel unless Iran retaliated.Wednesday’s attack on the huge South Pars gas field drove oil prices higher and prompted a threat by Iran to attack oil and gas targets across the Gulf, while it fired missiles at Qatar and Saudi Arabia.The escalation heightens the unprecedented disruption of global energy supplies that has raised the political stakes for Trump, who joined Israel in…

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Foreign exchange constraints crop up in oil supply chain despite improvement in stock of petroleum products

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OIl-Price

ISLAMABAD: Despite improved stock covers of petroleum products, foreign exchange constraints have started to crop up in the oil supply chain due to additional costs of skyrocketing global prices, insurance and import premiums, and freight charges.The issue was formally raised at a meeting of the special cabinet committee formed to monitor petroleum prices, presided over by Finance Minister Muhammad Aurangzeb.The oil industry complained that credit limits for oil marketing companies (OMCs) in Pakistani currency remained unchanged, despite their foreign exchange requirements increasing more than double since the beginning of the…

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