Omar warns of oil shock from conflict
Opposition Leader in the National Assembly Omar Ayub Khan addressing a press conference in Islamabad on March 11, 2024. SCREENGRAB
Leader of the Opposition in the National Assembly Omar Ayub Khan has warned that the ongoing Iran-Israel war will shake the global economy as Iran and Kuwait hold the world's largest oil wells.
Speaking at a press conference, the PTI leader described Israel's onslaught on Iran as a terrorist attack, lamenting that the Iranian leadership was attacked that plays an important role.
He said the world consumes 104 million barrels of oil per day. If anything happens in the aftermath of the conflict, strategic reserves would last only about 12 days.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
38 minutes ago
- Business Recorder
Iran, Israel launch new attacks after Tehran rules out nuclear talks
JERUSALEM/WASHINGTON: Iran and Israel exchanged fresh attacks early on Saturday, a day after Tehran said it would not negotiate over its nuclear programme while under threat and Europe tried to keep peace talks alive. Iran's Fars news agency said Israel had targeted the Isfahan nuclear facility, one of the nation's biggest, but there was no leakage of hazardous materials. Iranian media also said Israel had attacked a building in the city of Qom, with initial reports of a 16-year-old killed and two people injured. The Israeli military said it had launched a wave of attacks against missile storage and launch infrastructure sites in Iran. Shortly after 2:30 a.m. in Israel (2330 GMT on Friday), the Israeli military warned of an incoming missile barrage from Iran, triggering air raid sirens across parts of central Israel, including Tel Aviv, as well as in the Israeli-occupied West Bank. Interceptions were visible in the sky over Tel Aviv, with explosions echoing across the metropolitan area as Israel's air defence systems responded. Sirens also sounded in southern Israel, said Magen David Adom, Israel's national emergency service. An Israeli military official said Iran had fired five ballistic missiles and that there were no immediate indications of any missile impacts. Iran says no nuclear talks under Israeli fire, Trump considers options There were no initial reports of casualties in Israel. The emergency service released images showing a fire on the roof of a multi-storey residential building in central Israel. Local media reported that the fire was caused by debris from an intercepted missile. Disputes on Iran's nuclear programme Israel began attacking Iran on June 13, saying its longtime enemy was on the verge of developing nuclear weapons. Iran, which says its nuclear programme is only for peaceful purposes, retaliated with missile and drone strikes on Israel. Israel is widely assumed to possess nuclear weapons. It neither confirms nor denies this. Its air attacks have killed 639 people in Iran, according to the Human Rights Activists News Agency, a U.S.-based human rights organisation that tracks Iran. The dead include the military's top echelon and nuclear scientists. In Israel, 24 civilians have been killed in Iranian missile attacks, according to authorities. Reuters could not independently verify casualty figures for either side. Guterres urges 'give peace a chance' in Israel-Iran conflict U.S. President Donald Trump said on Friday he thought Iran would be able to have a nuclear weapon 'within a matter of weeks, or certainly within a matter of months'. He told reporters at the airport in Morristown, New Jersey: 'We can't let that happen.' He said his director of national intelligence, Tulsi Gabbard, was wrong in suggesting there was no evidence Iran is building a nuclear weapon. Iran has repeatedly targeted Tel Aviv, a metropolitan area of around 4 million people and the country's business and economic hub, where some critical military assets are also located. Israel said it had struck dozens of military targets on Friday, including missile production sites, a research body it said was involved in nuclear weapons development in Tehran and military facilities in western and central Iran. Iranian Foreign Minister Abbas Araqchi said there was no room for negotiations with the U.S. 'until Israeli aggression stops'. But he arrived in Geneva on Friday for talks with European foreign ministers at which Europe hopes to establish a path back to diplomacy. Scant progress in Geneva Trump reiterated that he would take up to two weeks to decide whether the United States should enter the conflict on Israel's side, enough time 'to see whether or not people come to their senses', he said. Trump said he was unlikely to press Israel to scale back its airstrikes to allow negotiations to continue. European powers urge Iran to continue US nuclear talks 'I think it's very hard to make that request right now. If somebody is winning, it's a little bit harder to do than if somebody is losing, but we're ready, willing and able, and we've been speaking to Iran, and we'll see what happens,' he said. The Geneva talks produced little signs of progress, and Trump said he doubted negotiators would be able to secure a ceasefire. 'Iran doesn't want to speak to Europe. They want to speak to us. Europe is not going to be able to help in this one,' Trump said. Hundreds of U.S. citizens have fled Iran since the air war began, according to a U.S. State Department cable seen by Reuters. Israel's envoy to the United Nations, Danny Danon, told the Security Council on Friday his country would not stop its attacks 'until Iran's nuclear threat is dismantled'. Iran's U.N. envoy Amir Saeid Iravani called for Security Council action and said Tehran was alarmed by reports that the U.S. might join the war. Russia and China demanded immediate de-escalation. A senior Iranian official told Reuters that Iran was ready to discuss limitations on uranium enrichment but that it would reject any proposal that barred it from enriching uranium completely, 'especially now under Israel's strikes'.
Express Tribune
an hour ago
- Express Tribune
Iran-Israel conflict continues to escalate as Geneva talks stall
[1/2] A missile launched from Iran is intercepted as seen from Ashkelon, Israel, June 21, 2025. Photo:REUTERS Listen to article The Israeli-initiated conflict with Iran continued to escalate early Saturday, with both sides exchanging fresh strikes, even as diplomatic efforts in Geneva stalled with no breakthrough on a ceasefire. An Iranian missile triggered a fire in a residential building in central Israel, prompting evacuations and emergency response, though no casualties were reported. The fire, believed to be caused by debris from an intercepted missile, came amid ongoing aerial exchanges. Sirens rang out across central and southern Israel as five ballistic missiles were fired from Iran, according to Israeli officials, with no immediate damage or injuries reported aside from the Holon fire. Iran's missile strikes were in retaliation to Israeli air assaults targeting Iran's nuclear infrastructure. Sirens were heard across southern Israel as the emergency service reported that five ballistic missiles had been fired. No immediate damage or casualties were reported from the missile launches. The residents evacuated the building. So far, no physical injuries have been found. MDA teams are providing medical care on site to several individuals suffering from anxiety and are continuing to search for additional casualties. — Magen David Adom (@Mdais) June 21, 2025 The escalation follows an intense week of aerial warfare, with Israel targeting military and nuclear sites in Iran. The Israeli Defense Forces (IDF) have confirmed they had targetted numerous Iranian missile systems and radar installations as part of its strategy to curb Tehran's nuclear ambitions, which Israel and its allies claim are aimed at producing nuclear weapons—an assertion Tehran denies. ✈️ The IAF continues its mission to maintain aerial superiority in Iranian airspace. Fighter jets struck several Iranian missile systems and radar installations in the areas of Isfahan and Tehran, which were intended to target IDF aircraft and disrupt their operations. This… — Israel Defense Forces (@IDF) June 20, 2025 The latest missile attack on Israel, which ignited a fire in Holon near Tel Aviv, is part of Iran's ongoing retaliation. Interceptions over Tel Aviv were visible in the skies, with explosions reverberating across the city as Israel's air defence systems engaged the incoming threats. Israeli defense minister says military killed head of IRGC Palestine Corps Israel's Defence Minister Israel Katz announced on Saturday that the military killed Saeed Izadi, a veteran commander leading the Palestine Corps of Iran's Quds Force, in a strike on an apartment in Qom, Iran. The IRGC has not confirmed the report. The Quds Force, known for building the Axis of Resistance network including Hezbollah and Hamas, has faced significant setbacks amid Israeli offensives since Hamas' October 7, 2023 attacks. Geneval talks In Geneva, Iranian Foreign Minister Abbas Araghchi met with European leaders to address the ongoing conflict. The talks, however, yielded little progress, with Araghchi reaffirming that Iran would not engage in negotiations until Israel ceases its military actions. He expressed concern over Europe's failure to condemn Israeli strikes, suggesting that Tehran would only return to diplomatic talks once "aggression stops." The standoff intensified as US President Donald Trump warned of potential military escalation and set a two-week deadline to decide on possible US involvement. Meanwhile, Israel's military chief Eyal Zamir acknowledged the possibility of a prolonged campaign. "The campaign is not over," he said, pointing to the difficulty ahead despite significant achievements in Israel's air campaign. Hundreds of US citizens have fled Iran in recent days, as tensions mount and the US government works to assist its citizens. However, the evacuation process has been marred by delays and reports of harassment. The US State Department has not provided further details on the situation. Iran FM in Turkey for OIC meeting on Israeli aggression Iranian Foreign Minister Abbas Araghchi arrived in Istanbul on Saturday to attend the 51st session of the Organisation of Islamic Cooperation (OIC) Council of Foreign Ministers. The two-day summit is expected to focus on recent Israeli strikes on Iranian territory, which Tehran calls 'unprovoked aggression.' Araghchi said the attacks forced Iran to respond in self-defence. While the conflict rages on, diplomatic efforts continue, with world leaders urging both sides to de-escalate. However, with ongoing missile exchanges and rising casualties—639 deaths reported in Iran by a Washington-based human rights organisations and 24 in Israel—the path to peace remains uncertain. Israel's ambassador to the UN, Danny Danon, has pledged continued military action until Iran's nuclear threat is neutralised, further complicating prospects for a ceasefire. Iranian officials have called for Security Council intervention, while Russia and China have urged a diplomatic resolution. US intelligence community divided The US intelligence community, for its part, remains divided over the status of Iran's nuclear capabilities. Despite public statements, some reports suggest it would take Iran up to three years to build a nuclear warhead. The dishonest media is intentionally taking my testimony out of context and spreading fake news as a way to manufacture division. America has intelligence that Iran is at the point that it can produce a nuclear weapon within weeks to months, if they decide to finalize the… — DNI Tulsi Gabbard (@DNIGabbard) June 20, 2025 Many critics have argued the nuclear weapons pretext mirrors the flawed intelligence that led to the Iraq war, raising fears of history repeating itself. The Iraq war, launched on false claims of weapons of mass destruction, unleashed decades of bloodshed and regional instability that still haunt the region today. Similar to the Iraq war, other US-led regime change campaigns in Syria and Libya have sparked widespread violence, fueled the rise of terrorism, caused the loss of hundreds of thousands of lives, and left deep-rooted instability that continues to impact the region. As the situation continues to escalate, Turkish President Recep Tayyip Erdogan warned of a "point of no return," while Russian and Chinese leaders called for a ceasefire and a return to diplomacy. The conflict has reached unprecedented levels following Israel's "Operation Rising Lion" and Iran's retaliatory "Operation True Promise," which has resulted in widespread casualties and damage. The UN Secretary-General, Antonio Guterres, has called on all parties to "give peace a chance."
Express Tribune
4 hours ago
- Express Tribune
Armenia PM in talks with Erdogan on 'historic' Turkey visit
Turkey's President Recep Tayyip Erdogan shakes hands with Armenia's Prime Minister Nikol Pashinyan during their meeting at the Dolmabahce Presidential office in Istanbul. Photo: AFP Armenian Prime Minister Nikol Pashinyan was meeting President Recep Tayyip Erdogan in Istanbul on a rare visit to arch-foe Turkey, in what Yerevan describes as a "historic" step toward regional peace. The talks began shortly before 7:00 pm (1600 GMT) at Istanbul's Dolmabahce Palace, Erdogan's office said. Armenia and Turkey have never established formal diplomatic ties and their shared border has been closed since the 1990s. Analysts said Pashinyan would make the case for speeding up steps towards normalisation with Turkey in a bid to ease Armenia's isolation. Relations between the two nations have been historically strained over the World War I-era mass killings of Armenians in the Ottoman Empire — atrocities Yerevan says amount to genocide. Turkey rejects the label. And they have been further complicated by Ankara's close ties to Turkic-speaking Azerbaijan, and its support for Baku in its long-running conflict with Armenia. Ahead of the talks, Pashinyan visited the Armenian Patriarchal Church and the Blue Mosque and met members of the Turkish Armenian community, he said on his official Facebook page. But his visit sparked unease back home. Police rounded up "several dozen" opposition supporters in the capital Yerevan and beyond Friday, rights groups and a lawyers coalition said. Armenia's interior ministry did not comment on the detentions, but said police had acted on information about plans to disrupt the peace. "This is a historic visit, as it will be the first time a head of the Republic of Armenia visits Turkey at this level. All regional issues will be discussed," Armenian parliament speaker Alen Simonyan told reporters on Thursday. "The risks of war (with Azerbaijan) are currently minimal, and we must work to neutralise them. Pashinyan's visit to Turkey is a step in that direction." An Armenian foreign ministry official told AFP Pashinyan and Erdogan would discuss efforts to sign a comprehensive peace treaty as well as the fallout from the Iran-Israel conflict. A day ahead of his visit, Azerbaijani President Ilham Aliyev was in Turkey to meet Erdogan, hailing the two nations' alliance as "a significant factor, not only regionally but also globally". Erdogan repeated his backing for "the establishment of peace between Azerbaijan and Armenia". The two nations had agreed on the text of a peace deal in March, but Azerbaijan has since outlined a host of demands — including changes to Armenia's constitution — before it will sign the document. AFP
