Business
Oil rises as focus returns to threats on Middle East export facilities | The Express Tribune
Halt of shipping through the Strait of Hormuz choking off a fifth of global oil supply
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Photo: Reuters
Oil prices rose on Monday as investor focus returned to threats facing Middle East oil facilities, despite US President Donald Trump’s call for nations to help safeguard the Strait of Hormuz, a vital artery for global energy shipments.
Brent crude futures climbed $1.27, or 1.2%, to $104.41 a barrel by 0400 GMT, after settling up $2.68 on Friday. US West Texas Intermediate crude gained 54 cents, or 0.6%, at $99.25 a barrel, after settling up nearly $3 in the previous session.
Read: Trump says US in contact with Iran but doubts Tehran ready for serious talks
Both contracts have surged more than 40% this month to their highest since 2022, after the US-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz, choking off a fifth of global oil supply in the biggest disruption ever.
“US strikes over the weekend on Kharg Island raised supply concerns, as most of Iran’s oil exports pass through it,” ING commodity strategists said on Monday.
While the strikes appear to have targeted military, rather than energy, infrastructure, they still pose supply risks since Iranian oil is about the only oil moving through the Strait of Hormuz for now, ING added.
Over the weekend, Trump threatened further strikes on Iran’s Kharg Island, which handles about 90% of its exports, after hitting military targets there, to spur a defiant response of more retaliation from Tehran.
Read more: Iran’s Supreme Leader vows to keep Strait of Hormuz closed as Middle East war intensifies
Iranian drones hit a key oil terminal in Fujairah in the United Arab Emirates shortly after the Kharg attacks. Oil loading operations at Fujairah have since resumed, four sources said, but it was unclear if they were back to normal.
Fujairah, outside the Strait of Hormuz, is the outlet for about 1 million barrels per day of the UAE’s flagship Murban crude oil – a volume equal to about 1% of world demand.
“The US is weighing high-risk ground options, including raiding nuclear sites for Iran’s enriched uranium, seizing the Kharg Island oil hub, and occupying southern Iran to protect the Strait of Hormuz,” SEB analyst Erik Meyersson said in a note.
“All of these imply significant escalation and require a tolerance for substantially higher risk.”
On Sunday, Trump said he was demanding that other countries help to protect the key energy route, adding that Washington was in talks with several nations about policing it.
The US is also in contact with Iran, Trump said, but expressed doubt that Tehran was prepared for serious talks to end the conflict.
On Sunday, the International Energy Agency said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by the Middle East war.
Stocks from countries in Asia and Oceania will be released immediately, while those from Europe and the Americas will be available at the end of March, the agency said.
“As the conflict enters its third week, the lack of a clear denouement has left global markets increasingly worried about an uncontrollable escalatory spiral,” SEB’s Meyersson said.
Still, US Energy Secretary Chris Wright said on Sunday he expected an end to the war within “the next few weeks”, with oil supplies rebounding and energy costs falling afterwards.
Business
Pakistan Stock Exchange Shares plunge by 4,000 points – SUCH TV
Pakistan Stock Exchange’s benchmark KSE-100 index lost 4,687.50 points on Monday, marking a turbulent start to the week as selling pressure returned to the market.
During intraday trading, the KSE-100 touched a high of 153,943.69 points and low of 149,385.39 points.
At close, the KSE-Index dropped 4,687.50 points to reach 149,178.66 points or minus 3.14 percent.
The sharp decline comes after the index recorded its seventh consecutive week of losses, with geopolitical uncertainty and weak investor sentiment continuing to weigh on Pakistani equities.
Two key factors affecting the market last week were the absence of positive economic developments and the ongoing delay in finalising a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) for Pakistan’s third review of its $7 billion Extended Fund Facility (EFF).
Another major factor has been the spike in global oil prices.
The increase was triggered by US-Israel aggression against Iran, which led to the closure of the Strait of Hormuz, a critical global oil shipping route.
The disruption raised concerns about energy supply and inflationary pressures for oil-importing economies, including Pakistan.
Investors will now be watching closely to see whether the current volatility persists through the remainder of the trading session and into the rest of the week, particularly as markets react to geopolitical developments and signals on the IMF programme.
It is pertinent to mention here that Pakistan’s stock market remained under sustained pressure during the week ended March 13, 2026, as heightened geopolitical tensions, domestic security concerns, and macroeconomic uncertainty continued to weigh heavily on investor sentiment.
The benchmark KSE-100 Index extended its losing streak, declining by 3,629.92 points on a week-on-week basis, representing a drop of 2.3 percent to close at 153,866.17 points compared with the previous week’s closing level of 157,496.09 points.
The market remained volatile throughout the week as investors trimmed positions and adopted a cautious stance in the face of external and domestic headwinds.
The latest decline follows an even steeper fall witnessed during the previous week, when the market had shed more than 10,500 points.
Analysts noted that escalating geopolitical risks across the region, coupled with domestic security concerns, have dampened investor confidence and triggered persistent selling pressure across multiple sectors.
Business
Gold price today (March 16, 2026): How much 18K, 22K and 24K gold cost in your city; check rates for Delhi, Mumbai & more – The Times of India
Gold started the week on a shaky note, slipping Rs 2,225 to hit Rs 1.56 lakh per 10 grams in Monday’s futures trade, dragged down by a firm US dollar and weak overseas markets. On the Multi Commodity Exchange, April gold contracts fell 1.4% to Rs 1,56,241 on a turnover of 7,881 lots. “Rising energy prices have strengthened the US dollar and raised doubts that the Federal Reserve will cut interest rates,” said Manav Modi, analyst at Motilal Oswal Financial Services Ltd. Earlier hopes of a March rate cut have mostly faded, with the chances of reductions later this year now at 80%.Internationally, April gold on Comex dropped $54.31, or 1.07%, to $5,007.39 per ounce. “Gold stayed close to $5,000 after two weeks of losses, as oil volatility surged following the US strike on Iran’s Kharg Island, raising supply concerns,” said Jigar Trivedi, Senior Research Analyst, IndusInd Securities.The ongoing US-Israeli conflict with Iran, now entering its third week, continues to rattle markets. Trivedi noted that higher energy costs and inflation worries have dampened expectations for interest rate cuts, creating a headwind for non-yielding assets like gold.Here’s how much gold costs in your city today:
Gold price in Ahmedabad today
Gold in Ahmedabad is trading at Rs 15,920 per gram for 24K, Rs 14,595 for 22K, and Rs 11,943 for 18K.
Gold price in Bangalore today
In Bangalore, 24K gold is available at Rs 15,917 per gram. The 22K variety costs Rs 14,590, while 18K gold is priced at Rs 11,938 per gram.
Gold price in Bhubaneswar today
Bhubaneswar sees 24K gold at Rs 15,917 per gram. Prices for 22K and 18K gold stand at Rs 14,590 and Rs 11,938 per gram, respectively.
Gold price in Chennai today
In Chennai, 24K gold is quoted at Rs 16,101 per gram. 22K gold comes in at Rs 14,759, and 18K gold is Rs 12,399 per gram.
Gold price in Delhi today
Gold prices in Delhi are Rs 15,930 per gram for 24K, Rs 14,605 for 22K, and Rs 11,953 for 18K.
Gold price in Hyderabad today
Hyderabad’s 24K gold is trading at Rs 15,917 per gram. 22K and 18K gold are priced at Rs 14,590 and Rs 11,938, respectively.
Gold price in Jaipur today
In Jaipur, 24K gold costs Rs 15,930 per gram. The 22K variant is Rs 14,605, while 18K gold is available at Rs 11,953 per gram.
Gold price in Kanpur today
Kanpur reports 24K gold at Rs 15,930 per gram. 22K and 18K varieties are priced at Rs 14,605 and Rs 11,953 per gram, respectively.
Gold price in Mumbai today
In Mumbai, 24K gold is Rs 15,917 per gram, 22K is Rs 14,590, and 18K is Rs 11,938 per gram.
Gold price in Kolkata today
Kolkata has 24K gold at Rs 15,917 per gram. The 22K and 18K gold rates are Rs 14,590 and Rs 11,938 per gram, respectively.
Business
Beauty retailer Sephora to open first Scottish stores this summer
Global beauty retailer Sephora has announced it is opening two stores in Scotland this summer, with the firm saying it is bringing “double the magic to a country that has long been calling for it”.
The stores in Glasgow’s Silverburn Shopping Centre and Edinburgh’s St James Quarter will mark the company’s first foray into Scotland, some three years after it opened its first UK outlet in London.
The firm said hoardings at both sites will appear “imminently”, featuring the brand’s black-and-white stripe motif complete with “a Scottish nod”.
The Glasgow store is set to boast 5,048 square feet of retail space, while the Edinburgh outlet will measure 4,961 square feet.
Sephora said the stores will give Scots the chance to buy brands including rhode, Haus Labs and Makeup by Mario on home soil for the first time, along with Sephora UK exclusives.
Sephora UK managing director Sarah Boyd said: “The Sephora UK team and I are thrilled to finally reveal that we’re bringing our ‘temples of beauty’ to not one, but two incredible Scottish cities this summer – with fans crying out for a Scottish beauty playground.
“It has been three years since we opened our first UK store; from the very beginning we’ve been searching for the perfect locations for us to open in the region – and we are so happy to have found them in Edinburgh’s St James Quarter and Silverburn Glasgow.
“Opening in both Edinburgh and Glasgow this summer is about bringing double the energy, double the access, and double the magic to a country that has long been calling for it.
“Scotland also steps into a landmark summer, so the timing couldn’t feel more meaningful, and Sephora UK is proud to play a part in a special season that is set to make its mark in the history books.
“We know how eagerly our Scottish customers have waited while we expanded across England, Wales, and Northern Ireland, and we truly want to say thank you for your patience and loyalty.
“Now, Scotland, let’s get even more bonnie together.”
Sephora was established in Limoges, France in 1969, and has since grown to a global network of more than 3,200 physical stores, along with e-commerce and digital platforms.
The firm said the new Edinburgh and Glasgow stores will open alongside its new small-format “boutique” stores, which were recently announced to debut this summer in London.
St James Centre estate director Anne Ledgerwood described the opening of a Sephora store in the capital as a “major moment for both St James Quarter and Edinburgh’s shopping scene”.
“As one of the most influential names in global beauty, its arrival brings a new retail experience to the city and an exciting addition to St James Quarter’s growing beauty line-up,” she said.
“Sephora’s immersive concept and curated brand offer will our give customers something truly new, whether they are long-time fans or discovering the brand for the first time.”
Silverburn general manager David Pierotti said: “Sephora coming to Glasgow marks such a big moment for the city and the west of Scotland and we are so pleased to be home to its largest store in the country.
“Our commitment to delivering an award-winning, first-class retail experience for our guests is demonstrated through our diverse offering of leading names across fashion, lifestyle and beauty.
“I know our community in Glasgow will be very excited to see another globally recognised brand join us and we look forward to welcoming them to Sephora’s ‘temple of beauty’ here at Silverburn.”
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