Oil prices rise on optimism
NEW YORK: Oil prices settled nearly 2% higher on Friday and notched their first weekly gains since mid-April as a US trade deal with the United Kingdom turned investors optimistic ahead of talks between top officials from Washington and Beijing.
Brent crude futures rose $1.07, or 1.7%, to settle at $63.91 a barrel, while US West Texas Intermediate crude futures advanced $1.11, or about 1.9%, to settle at $61.02. Week-over-week, both benchmarks gained over 4%. US President Donald Trump on Friday said China should open its market to the US, and that an 80% tariff on Chinese goods 'seems right,' a day after he announced a deal lowering tariffs on British car and steel exports, among other agreements with the United Kingdom.
'Energy markets - as bearish as they've been - are finally shaking off some of the pessimism and catching the broader market optimism that's showing back up as progress on trade relationships has begun,' said Alex Hodes, oil analyst at brokerage StoneX.
The UK agreement and Trump's comments on China have raised hopes for similar deals between Washington and Beijing. US Treasury Secretary Scott Bessent was to meet with China's top economic official Vice Premier He Lifeng in Switzerland on May 10. Current US tariffs on Chinese imports stand at 145%.
'While prohibitively high, you can't knock the math ... 80% is substantially less than 145%,' Hodes wrote to clients. Chinese exports rose faster than expected in April while imports narrowed their decline, customs data showed on Friday, giving Beijing some relief ahead of the talks.
Rising hostilities in the Middle East also boosted oil prices this week, Nikos Tzabouras, senior market analyst at trading platform Tradu, said. Israel's military said it had intercepted a missile launched from Yemen towards its territory, days after Oman mediated a ceasefire between the US and Yemen's Houthis, who claimed responsibility for Friday's attack.
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Express Tribune
3 hours ago
- Express Tribune
The four-day Indo-Pak spat
Listen to article Five weeks after the Indo-Pak confrontation, although hostilities have come to an end, the pit and cauldron of doubt and antagonism continues to simmer. War shocks still continue after closure of the four-day spat on 10 May 2025 in the shape of bluff and bluster and propaganda and misinformation. On the Pakistan side, there continues to be fear and consternation of a replay of something like Sindoor for which pretexts may be discovered or imagined. On the Indian side, a media blitz continues to be spread about the threat of terrorism from Pakistan. The flare-out between 7 and 10 May of 2025 may have only been four days long but it spewed a plethora of consequences – domestic, regional and international. Both the sides have claimed to gain the upper hand in the conflagration. India declared to have decimated nine terrorist outfits in "POK" and after nearly 27 years attacked sites across the international boundary in the Punjab. It also claimed to have struck several air bases with missiles and an AWACS plane parked in the hangers in the Nur Khan Air Base in Rawalpindi-Islamabad which is only about 6 to 7 minutes distance from a nuclear installation. On the other hand, Pakistan claims to have taken down six Indian jets – three Rafaels, one Sukhoi, one Mirage and one MIG – with the help of Chinese provided J-10C using remotely fired missile PL-15. Just one day before the commencement of the Paris Air Show, the CEO of Dassault, the manufacturers of multi-role French F-35 jet, declared that the claim of Pakistan to have downed three Indian Rafaels "is inaccurate". This claim flies in the face of French intelligence reports confirming the shooting down of the plane as well as the statement in an interview by the Indian defence chief made in the Shangri-La Security Dialogue of admitting the felling of Indian aircraft but refusing to mention the exact number of planes taken down. The possibility of Chinese military technology having the better of cutting-edge western armaments as shown in the taking down of Rafaels by J-10Cs and PL-15 missiles reverberated throughout the world, denoting a sea change in the geo-strategic scenario particularly in the context of the US-China contest. The balance of power between India and Pakistan, supported and armed by Chinese latest technology, suddenly seemed to have undergone a big change with India having to face an uphill task in case of having to face a two-sided opponent in the shape of Pakistan and China. The fusion between Chinese ideology and military equipment and Pakistan army strategy and tactics is something of great concern for India. Another special aspect of the short confrontation was the use of social media war, hysteria and misinformation from both sides. In fact making outlandish claims of Karachi port having been destroyed and an attack on Lahore not only made a mockery of Indian media but indelibly dented the credibility of news emanating from Indian media. Shivshankar Menon, former Indian high commissioner to Pakistan and former foreign secretary, in an interview with Karan Thapar made a claim typical of Indian mindset , saying, "Sindoor may not have deterred terrorism in Pakistan and may have only provided a temporary respite since militarism is hard wired into the security structure" and weltanschauung "of Pakistan." Operation Sindoor, Menon claims, has not deterred terrorism but it has imposed costs for Pakistan to think twice before launching another terror attack. Now it is for India, according to Menon, how best to manage increasing the costs for Pakistan and gains for India. Adil Shah of Georgetown University, USA, has averred that Sindoor did not deter Pakistan but rather emboldened it by giving it the impression of victory. Trump's effort at bringing about a ceasefire between India and Pakistan to prevent the situation from escalating into a non-conventional nuclear flare-out has led to two consequences. Trump has reiterated on several occasions that he was responsible for effecting a ceasefire between the two South Asian neighbours and that he could bring about a solution to the Kashmir dispute. American efforts in the Indo-Pak spat has led to the internationalisation of Kashmir dispute much to the chagrin of India which insists that the Kashmir dispute could only be resolved through bilateral measures. Trump's attempt has also led to the rehyphenation of India and Pakistan after several years of dehyphenation of US relations vis a vis the two South Asian opponents. The May 2025 flare-out makes it all the more essential to bring an end to confrontation between India and Pakistan since another such occurrence could go out of hand due to escalation or accident. There is paramount need therefore for detente, peace and deterrence of confrontation between the two neighbours who suffer from similar problems of poverty, shelter, potable water and lack of health cover. The expenditures incurred on military and arms would be best spent upon education and health. In this day and age, two poor countries to be in possession of nuclear capabilities and increasing expenditures on ever advanced arms and armaments is a self-defeating policy depriving millions of the basic essentials of a civilised life.
Express Tribune
4 hours ago
- Express Tribune
Russia, China and Pakistan urge ceasefire as UN meets over US strikes on Iran
Iran requested the UN Security Council meeting, urging the 15-member body 'to address this blatant and unlawful act of aggression, to condemn it in the strongest possible terms.'PHOTO: REUTERS The UN Security Council started meeting to discuss US strikes on Iran's nuclear sites, as Russia, China, and Pakistan proposed that the 15-member body adopt a resolution calling for an immediate and unconditional ceasefire in the Middle East. It was not immediately clear when the resolution could be put to a vote. The three countries circulated the draft text, diplomats said, and asked members to share their comments by Monday evening. A resolution requires at least nine votes in favour and no vetoes by the United States, France, Britain, Russia, or China to pass. The United States is likely to oppose the draft resolution, seen by Reuters, which also condemns attacks on Iran's nuclear sites and facilities. The text, however, does not name either the United States or Israel. The world awaited Iran's response on Sunday after President Donald Trump said the US had 'obliterated' Tehran's key nuclear sites, joining Israel in the largest Western military action against the Islamic Republic since its 1979 revolution. Iran requested the UN Security Council meeting, urging the 15-member body 'to address this blatant and unlawful act of aggression, to condemn it in the strongest possible terms.' Israel's UN Ambassador Danny Danon said in a statement on Sunday that the US and Israel 'do not deserve any condemnation, but rather an expression of appreciation and gratitude for making the world a safer place.' UN Secretary-General Antonio Guterres on Saturday called the US strikes on Iran a 'dangerous escalation in a region already on the edge — and a direct threat to international peace and security.' 'At this perilous hour, it is critical to avoid a spiral of chaos. There is no military solution. The only path forward is diplomacy. The only hope is peace,' Guterres said in a statement.
Express Tribune
4 hours ago
- Express Tribune
Pakistan rejects reports of US strikes via its airspace
Listen to article Pakistani authorities strongly rejected claims circulating on social media suggesting that the country had permitted the United States to use its airspace or territorial waters for military strikes on Iran's nuclear facilities, calling the reports "completely false and baseless." The denial comes amid rising tensions in the Middle East following US strikes on Iranian nuclear facilities. The strikes targeted three key Iranian nuclear sites — Fordow, Natanz, and Isfahan — according to US President Donald Trump, who announced the operation on his Truth Social platform. According to the state television PTV, some Indian media outlets have amplified allegations that US B-2 bombers and warships passed through Pakistani territory to reach Iranian targets—claims officials in Islamabad dismiss as deliberate disinformation. 'These reports are part of a broader pattern of false narratives, particularly pushed by certain quarters in Indian media,' a senior government source told Reuters. اسرائیل ایران جنگ سے متعلق چند اہم فیکٹ چیک؛ حقائق اور پاکستان کا اصولی موقف کیا ہے؟ — PTV News (@PTVNewsOfficial) June 22, 2025 In a statement, the Ministry of Foreign Affairs (MOFA) condemned the US attack, labelling it 'a serious violation of international law' and expressing concern about further regional escalation. 'Iran has the legitimate right to defend itself under the UN Charter,' the MOFA said, urging all parties to respect international law and protect civilian lives and infrastructure. The government reiterated its longstanding position of neutrality in regional conflicts and called for restraint and diplomacy. Officials confirmed that Pakistan has not entered into any new military cooperation related to the Iran-US conflict and no request for operational access has been made by Washington. 'Pakistan maintains a policy of non-involvement and supports dialogue as the only sustainable path to peace,' the statement added. Authorities urged both the media and the public to verify all information through credible and official channels, cautioning against the spread of unverified and potentially dangerous misinformation. In contrast, US B-2 stealth bombers reportedly used Indian airspace to carry out strikes on Iranian nuclear facilities, according to regional sources cited in multiple reports on Sunday. Read: US B-2 bombers used Indian airspace to attack Iran's nuclear facilities Sources claimed the US Air Force's strategic bombers departed from Guam Island in the western Pacific, passed over the Andaman Sea, and then traversed central Indian airspace before reaching their strike zone near Iran via the Arabian Sea. The route reportedly covered coordinates including 15°N, 145°E (Guam), through 10°N, 95°–100°E (Andaman Sea), crossing 20°N, 75°–80°E (central India), and reaching the vicinity of 25°–30°N, 60°–65°E (near Iran's borders). Prime Minister Shehbaz Sharif also strongly condemned the recent US military strikes on Iran's nuclear facilities, calling them a serious violation of international law. He conveyed Pakistan's position during a telephone call with Iranian President Masoud Pezeshkian. The US strikes followed eight days of what Pakistan termed as Israel's "unprovoked and unjustified aggression." 'The Prime Minister expressed deep concern that the US attacks had targeted facilities under the safeguards of the International Atomic Energy Agency (IAEA),' the statement said. 'These attacks constituted a serious violation of international law and the IAEA Statute,' he was quoted as saying. Washington enters Iran conflict US forces struck Iran's three main nuclear sites, President Donald Trump said in a televised speech late on June 21 and he warned Tehran it would face more devastating attacks if it does not agree to peace. The US strikes included 14 bunker-buster bombs, more than two dozen Tomahawk missiles and over 125 military aircraft, in an operation the top US general, General Dan Caine, said was named "Operation Midnight." After days of deliberation and long before his self-imposed two-week deadline, Trump's decision to join Israel's military invasion against its major rival Iran is a major escalation of the assault and risks opening a new era of instability in the Middle East. "A short time ago, we carried out massive precision strikes on three nuclear facilities in the Iranian regime," he announced. Also Read: Tehran vows self-defence with 'all force' after US strikes three nuclear installations The strikes were a spectacular military success," Trump said in the White House televised address. "Iran's key nuclear enrichment facilities have been completely and totally obliterated." Iran's Foreign Ministry has strongly condemned the US military strike on its nuclear facilities, calling the action an unprecedented breach of international law and a grave violation of the UN Charter. In a statement, the Islamic Republic of Iran accused the United States of a 'brutal military aggression' against its peaceful nuclear infrastructure. Tehran held Washington fully responsible for what it called a 'heinous crime' and warned of 'dangerous consequences' stemming from the attack.
