Oil falls after Trump rules out Iran attack before midterms
Brent fell to about $103 after Trump ruled out attacking Iran before the US midterms, as Tehran reviews a US reply on reopening the Strait of Hormuz.
Oil prices: 26 The Indus Compass stories. Latest: KSE-100 crosses 170,000 on hopes of easing US-Iran tensions. Key developments, background and analysis.
Brent fell to about $103 after Trump ruled out attacking Iran before the US midterms, as Tehran reviews a US reply on reopening the Strait of Hormuz.
The government raised petrol by Rs2.31 to Rs398.96 a litre and high-speed diesel by 78 paisas to Rs395.72 for October 9, under the daily pricing system.
Oil rose on Thursday, with Brent above $102 a barrel, as attacks on Gulf shipping hit a wartime high and a hurricane shut a quarter of US Gulf of Mexico output.
Petrol now costs Rs393.64 a litre and diesel Rs397.76 for Tuesday, under Pakistan's daily pricing system, with taxes of Rs114 and Rs100 a litre still in place.
The KSE-100 fell as much as 1,988 points on Monday after government-PTI talks collapsed and the PTI march began, outweighing relief from falling oil prices.
Brent fell to $101.59 on Monday as G7 nations released 100 million barrels from reserves and Middle East crude exports rose above pre-war levels on some days.
Saudi Arabia has resumed tanker loadings at Yanbu after restarting its East-West pipeline, and the US offered 40 million barrels from its reserve, pushing oil prices down.
Petrol now costs Rs387.54 a litre and diesel Rs402.24 from today, the second cut in two days as world oil prices ease and Saudi exports recover.
Trump denied offering Iran sanctions relief as Tehran sent its conditions for reopening Hormuz through Qatar, and oil jumped 3% to about $107 a barrel.
The KSE-100 fell 0.2% to 170,425.62 on Monday as Brent crude rose above $106 and Trump rejected an Iranian ceasefire proposal. Trading volume fell 12.8%.
Jet fuel prices have nearly doubled since the Iran war began, and airlines say fares may not come down soon because they sell seats months in advance.
Trump says US negotiators will engage Iran this week after he rejected Tehran's offer; Araghchi says Hormuz will reopen only if a ceasefire deal is revived.
Analysts expect consumer inflation of 10.25–10.75pc in September, down from 11.1pc in August, but warn the Gulf conflict and fuel prices could push it higher.