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Oil jumps 5pc on supply concerns amid conflict

HOUSTON: Oil prices jumped five per cent on Thursday, extending a rally as the escalating US-Israeli war with Iran disrupted supplies and shipping, driving some major producers in the Middle East to reduce output. Brent crude was up $4.09, or 5.02pc, at $85.49 per barrel by 1:37pm EST, a fifth session of gains. US West Texas Intermediate crude rose $6, or 8.04pc, to $80.66. US crude futures hit their highest since July 2024 during the session. “There is no movement in the Strait of Hormuz so prices will grind higher, and with countries having to shut in production then we will be delayed even longer because it is not like you can just resume production at full strength, that will be a problem for a while,” said John Kilduff, partner at Again Capital. Missile attacks hit eastern Tehran, Iran’s ISNA news agency reported, and sirens rang in Dubai as war continued to spill over across the region. Crude oil supplies from Iraq and Kuwait could start shutting within days if the Strait...
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Trump ousts Kristi Noem, names Oklahoma senator as homeland security nominee

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Kristi Noem, who oversaw United States President Donald Trump’s aggressive immigration crackdown and faced bipartisan criticism in hearings this week, will leave her role as homeland security chief at the end of the month. Trump will tap Oklahoma Senator Markwayne Mullin to replace her, he said on his Truth Social platform, a move that would require US Senate confirmation. Noem, a former governor of South Dakota, became one of Trump’s most high-profile cabinet secretaries with social media posts that portrayed immigrants in harsh terms, highlighting cases of alleged criminal offenders and using vitriolic language. She faced criticism in January when she quickly labelled two US citizens fatally shot by federal immigration agents in Minneapolis as committing “ domestic terrorism ”. Videos that emerged after the deaths undercut the assertion by Noem and other Trump officials that the two deceased — Renee Good and Alex Pretti — were violent aggressors. The public backlash for ...
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Pakistan expresses concern over attacks targeting Turkiye, Azerbaijan during ongoing Middle East conflict

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” o...
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Indian Air Force loses contact with fighter jet

An Su-30 MKI fighter jet has not returned or made contact at its expected time after taking off from the northeast Indian state of Assam at 7:42pm local time (1412 GMT), the Indian Air Force (IAF) said in an X post on Thursday. “An IAF Su-30 MKI is reported overdue. The aircraft had taken off from Jorhat, Assam and was last in contact at 7.42pm. Further details are being ascertained. Search and rescue mission has been initiated,” the post said. The IAF has been beset by incidents involving fighter jets in the recent past. The Su-30 MKI jet has gone missing around 10 days after the IAF lost a Hindustan Aeronautics Limited Tejas, an indigenously developed light combat aircraft, as it overshot the runway at a frontline airbase, sustaining major damage to its airframe. Previously, in November last year, another Tejas crashed during a demonstration flight at the Dubai Air Show. A fireball was seen immediately after the aircraft impacted the ground, with thick black smoke rising ...
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US vows insurance, escorts as oil, gas flows disrupted

• Crisis deepens as US sub sinks Iranian warship off Sri Lanka, killing 87 • Hormuz shipping paralysed for fifth day; traffic plunges 90pc • Major shipping firms halt transits; insurers withdraw war-risk cover • Qatar halts LNG liquefaction; S. Arabia reroutes crude via Red Sea LONDON: The US Iran war widened on Wedne­sday after a US strike hit an Iranian warship off Sri Lanka, deepening a crisis that has paralysed shipping through the Strait of Hormuz for a fifth day and choked off vital Middle East oil and gas flows. The US submarine stri­ke on the Iranian vessel, which killed 87 sailors, came as US President Donald Trump pledged to provide insurance and navy escorts to ships expo­rting oil and gas from the Middle East in a bid to contain soaring energy prices. However, the world’s top shipping companies have announced they will not send their vessels through the Strait of Hormuz and major insurers have pulled war risk coverage. The energy market inte­l­l­igence firm Kpler sa...
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US banks on high alert for cyberattacks as Iran war escalates

The US financial services industry is on heightened alert for potential cyberattacks amid the unfolding US war in Iran, with firms stepping up monitoring for threats that often rise during periods of geopolitical conflict, said executives and analysts. The assassination of Iranian Supreme Leader Ali Khamenei last weekend in an air strike has sparked a conflagration in the Middle East that has roiled markets globally and stoked concerns over the potential for Iran-linked cyberattacks on US financial services operations. Cybersecurity has long been a top priority for the financial services industry, which operates critical US infrastructure, including payments, clearing and settlement systems, as well as trading platforms and Treasury markets, making it a top target of cyberattacks, according to industry data. “The industry remains vigilant and ready to respond to cyber threats at all times, and especially when global cybersecurity risks are heightened,” said Todd Klessman, managing ...
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‘False solution’ hampering Pakistan’s climate goals

ISLAMABAD: Pakistan’s climate action plan submitted to the United Nations before COP30 in Brazil lists controversial ‘Carbon Capture Utilisation and Storage’ (CCUS) technology as one of the approaches to address climate change and decarbonise in line with the 2015 Paris Agreement . The climate goals, or the Nationally Determined Contributions (NDCs), are submitted to the United Nations Framework Convention on Climate Change by all countries, outlining their ambition to decarbonise economies and transition away from fossil fuels. In their third iteration, Pakistan pledged to ‘phase down’ coal by reducing emissions by 50 per cent, including 33pc funded by international finance, by 2035. For this task, Pakistan “ requires $565.7 billion ”, the document read. These climate goals were prepared through a “participatory, open and transparent approach”, according to the government, but they have come under scrutiny for “carbon-intensive steps” and the absence of concrete measures to addres...
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