Middle East | News

KARACHI: Petroleum dealers announced on Wednesday that they were postponing a strike they planned to begin on March 26, keeping in view the situation resulting from the ongoing Middle East conflict, which has given rise to a global fuel crunch and supply uncertainties. Pakistan Petroleum Dealers Association (PPDA) Chairperson Abdul Sami Khan told Dawn that “we have postponed the strike, keeping in view the hardships consumers will face if the war escalates and leads to a supply chain crisis of petroleum products”. He did not give a confirmed date till when the strike was being postponed. Asked if the PPDA would call a strike in the near future, he said, “I cannot confirm right now as the situation is highly volatile.” The association had announced the strike on March 13 and given the government until March 26 to revise the petroleum dealers’ margin from 2.59 per cent to 8pc in the wake of a Rs55 per litre hike in diesel and petrol rates. The decision to raise the prices was announced on March 6 as Pakistan fe...

President of Ukraine Volodymyr Zelensky stated that Ukraine's diplomatic team is actively working on cooperation with countries in the Middle East and the Gulf, which are interested in Ukraine's experience in defending against modern drones.

Sources in the Pentagon said that between 3,000 and 4,000 troops are set to be deployed to an unspecified location in the Middle East to support operations in the region, though no decision had been made to send soldiers to Iran itself

The Asian Development Bank (ADB) on Tuesday announced a financial support package to help its developing member countries mitigate the economic and financial impacts resulting from the conflict in the Middle East. A press release issued by the lender quoted ADB President Masato Kanda as saying, “ADB will deliver rapid, flexible, and scalable assistance to help countries manage immediate pressures and strengthen long-term resilience, notably fast-disbursing budget support and trade and supply chain finance to secure the import of essential goods, now including oil.” Kanda further said that this built on the ADB’s track record of supporting Asia and the Pacific through “periods of global uncertainty”. ADB has ample resources to safeguard existing and planned operations, while expanding emergency support in line with developing member countries’ needs, including utilising its countercyclical lending buffer, the statement said. It added that the bank was closely monitoring global market developments and their pot...

Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates. Spot gold fell 1.8pc to $4,563.64 per ounce after earlier rising 1pc. US gold futures for April delivery were 0.7pc lower at $4,574.90. The dollar and US Treasury yields extended gains after a Reuters report, citing three US officials, that the US military is deploying thousands of additional marines and sailors to the Middle East. A stronger dollar makes dollar-priced bullion less attractive to holders of other currencies. The US-Israeli war on Iran has killed thousands, spilled across the Middle East and hit the global economy since the two countries launched a joint attack on February 28. Iran’s prolonged blockade of the Strait of Hormuz could keep energy prices elevated and fuel inflation. “Gold and silver are being dragged lower as markets climb the usual wall of worry a...

Wall Street ended sharply lower on Friday, with the S&P 500 closing at its lowest in six months, as the US-Israeli war against Iran entered its fourth week, deepening worries about inflation and the potential for higher interest rates. The conflict in the Middle East showed no signs of easing. The US military was deploying an amphibious assault ship with thousands of additional Marines and sailors to the Middle East, while Iran’s new supreme leader hailed Iran’s “unity” and “resistance”. “The market is finally settling into the idea that this may go on longer than initially expected, and I think that’s why markets are selling off. This conflict may go on not for just a few weeks, but maybe beyond several months,” said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. Magnificent 7 companies fall Wall Street’s most valuable companies dropped, with Nvidia and Tesla losing over 3pc each. Alphabet, Meta Platforms and Microsoft were all down about 2pc. US Treasuries fell for a third session, in ...

Zelenskyy has said Kyiv wants money and tech in return for its help in the Middle East, adding that the U.S. was among the nations that sought Kyiv’s help.

Prime Minister Shehbaz Sharif on Friday discussed the ongoing hostilities in the Middle East in phone calls with leaders from several countries, with all calling for de-escalation in the region. The ongoing war, launched by the US and Israel against Iran, has expanded across the Middle East with Tehran targeting US bases and assets in other countries in the region, including Azerbaijan, and Tel Aviv targeting Hezbollah in Lebanon. The Prime Minister’s Office (PMO) said on the social media platform X that the premier held a telephone conversation with Azerbaijan’s President Ilham Aliyev “to exchange greetings on the auspicious occasion of Eidul Fitr”. “The two leaders also discussed the ongoing hostilities in Iran and the Gulf region,” the statement said. “The prime minister reiterated [his] strong condemnation of the attacks against Azerbaijan and expressed full solidarity and support with the brotherly people of Azerbaijan in these challenging times.” It added that both leaders called for an immediate de-esc...

Only Ukraine has experience in countering large-scale UAV attacks, which is why Ukrainian experts are currently stationed in countries across the Middle East.

The Web3 company will provide capital, advisory support and business development to help Avalanche projects scale, with a focus on real-world assets and digital identity. Animoca Brands has made a strategic investment in Ava Labs and entered a partnership to support projects building on the Avalanche blockchain, focusing on capital deployment, advisory support and expansion in Asia and the Middle East. According to Thursday’s announcement by the Hong Kong-based Web3 company, the collaboration will target sectors including real-world assets, digital identity and entertainment, with Animoca providing business development support and access to regional networks to help Avalanche-based projects scale and reach institutional users. Projects pursued under the partnership may also tap into the broader ecosystem of portfolio companies, Animoca said. Read more

President Volodymyr Zelensky stated that, despite the conflict in the Middle East, Ukraine continues to receive all promised aid packages.

The arrival of petrol and crude oil tankers continues at Port Qasim as the government steps up efforts to ensure fuel availability amid the ongoing Middle East crisis.

President Volodymyr Zelensky stated that 201 Ukrainian military experts are currently deployed in the Middle East and Gulf region, helping to defend against Shahed drones, with another 34 specialists ready for deployment.

Spot premiums for Middle East crude grades Oman and Dubai have soared to ​all-time highs even as trade slumps due to the US and Israeli war on Iran, with some ‌traders arguing that the benchmarks have lost relevance due to supply disruption. The surge in the benchmarks, used to price millions of barrels of Middle Eastern crude bound for Asia, is pushing up costs for Asian refiners, forcing them to seek alternatives or reduce output further in coming months. Cash Dubai’s premium to swaps jumped ​to $56 a barrel on Monday, compared with an average of 90 cents in February, data from S&P Global Platts and Reuters showed. ​The premium accounts for about a third of the grade’s value, assessed at $153 a barrel by Platts ⁠for May-loading cargoes, versus $111.76 for Murban futures. Dubai prices are distorted, given its wide price gap with Murban, three trade sources said. Similarly, ​the premium for Oman crude futures to Dubai swaps hit a record near $51 a barrel on Friday, far above February’s 75 cents average. Middl...

War in the Middle East is disrupting the flow of critical medicines to the Gulf, imperilling supply routes for cancer drugs and other treatments that require refrigeration and forcing companies to reroute flights and find overland access into the region, industry executives said. The conflict, sparked by US and Israeli attacks on Iran two weeks ago and broadened by Iranian strikes around the region, has knocked out key air transit hubs and closed shipping routes, snarling the movement of goods for many products from medicines to food and oil. While there are few signs yet of major shortages, that could change if the conflict drags on, some executives said. The Gulf relies heavily on imports and some medicines have short shelf lives and need strict cold-chain storage, making lengthy overland shipping less practical. Executives at Western drugmakers said they were seeking alternative routes into the Gulf and trucking some drugs overland from airports like Jeddah and Riyadh in Saudi Arabia. Other options were Is...

Former Coinbase CTO says the crypto industry should build more financial tools for refugees and stateless people as conflicts and migration increase worldwide. Tech investor and former Coinbase chief technology officer Balaji Srinivasan has called on the crypto industry to develop more financial tools for refugees and stateless people. In a Saturday post on X, Srinivasan said the number of displaced individuals could grow as global conflicts intensify and economic migration increases. He pointed to examples ranging from Ukrainians fleeing war to workers leaving the Gulf countries amid regional tensions. “We should build more crypto tools for refugees and stateless people,” Srinivasan wrote, suggesting that blockchain-based systems can provide financial infrastructure when traditional institutions fail or become inaccessible. Read more

The US and Israel’s war against Iran has led to sporting events being postponed in the region, while competitions elsewhere have been hit by travel disruption, with thousands of flights cancelled in some of the world’s busiest transit hubs. Bahrain and Saudi F1 races set to be cancelled Next month’s Bahrain and Saudi Arabian Formula One Grands Prix are set to be cancelled due to the Middle East conflict. Multiple sources told Reuters an announcement, seen within the sport as just a matter of time, was expected with a March 20 deadline looming for freight that has to be transported to Bahrain for logistical reasons. Trump says inappropriate for Iran to be at World Cup US President Donald Trump said on March 12 that Iran’s soccer team were welcome to take part in this year’s World Cup but that he believed it was not appropriate they be there “for their own life and safety”. Iran have qualified for the 48-team tournament to be held in the US, Canada and Mexico from June 11 and are scheduled to play two group mat...

The USS Tripoli, USS New Orleans, USS San Diego and the embarked 31st MEU are reportedly heading to the Middle East in support of Operation Epic Fury.

The armed escalation in the Middle East, which has involved many countries, demonstrates that the world is facing a global conflict, as Russia is helping its ally Iran, including with drones, while Ukrainian specialists are assisting the United States and its partners in countering unmanned aerial vehicles.

It is important to prevent the war in the Middle East from escalating further, but at the same time, we cannot ignore the fact that the regime in Iran is a terrorist regime.