Business
Shares steady, oil turbulence deepens over Middle East war fears | The Express Tribune
Investors remain on edge as the Middle East conflict threatens to freeze global energy trade and ignite a price shock
Bull statues near screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, February 3, 2026 PHOTO: REUTERS
Shares steadied on Wednesday following a retreat in oil prices, but contradictory signals from the US-Israeli war on Iran kept investors anxious over the risks to inflation and global growth.
A pullback in oil came after the Wall Street Journal reported that the International Energy Agency had proposed the largest release of oil reserves in its history to bring down crude prices, providing some relief to battered global stocks while currencies and bonds were little changed.
Brent crude futures swung between gains and losses in volatile trade, falling 0.4% to $87.45 per barrel, while US crude was up 0.3% at $83.67 a barrel.
“Markets are presently trading on the news flow and the here-and-now rather than being forward-looking,” said Chidu Narayanan, head of APAC macro strategy at Wells Fargo.
“The measures announced, aiming to offset oil supply declines, might be insufficient. It is likely to help on the margin to assuage some of the fears, but as long as the conflict continues, risk aversion is likely to remain elevated.”
Still, regional stocks found some reprieve, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 1.4%, while the Nikkei rose 1.7% and South Korea’s Kospi advanced 1.75%.
US stock futures also pushed higher after a mixed cash session overnight, with Nasdaq futures and S&P 500 futures adding about 0.2% each.
EUROSTOXX 50 futures slipped 0.12%, while FTSE futures lost 0.14%.
Investors remain on edge as the Middle East conflict threatens to freeze global energy trade and ignite a price shock – a risk that world leaders are scrambling to address.
Read: PSX rebounds after sell-off, KSE-100 gains nearly 9,700 points
Still, energy markets remain hostage to how long – and how intense – the conflict becomes.
“Several major questions loom over the oil market’s trajectory. Chief among them is the timing of safe passage for vessels through the Strait of Hormuz, a critical chokepoint for global oil supply,” said Kerstin Hottner, Vontobel’s head of commodities.
“Another concern is the possibility of infrastructure damage… Even if major hostilities subside, the prospect of ongoing low-level Iranian drone attacks on energy infrastructure could prolong market instability into next year.”
Dollar fever
The dollar held to its gains on Wednesday as investors assessed the fallout from the war, with the greenback proving the safe-haven asset of choice in the ongoing market turmoil.
Against the yen, the dollar was up slightly at 158.15, while the euro and sterling were nursing losses and fetched $1.1633 and $1.3450, respectively.
“You have only one safe asset, which has been the US dollar,” said Frank Benzimra, head of Asia equity strategy and multi-asset strategist at Societe Generale.
“Even gold or Treasuries did not play this huge safe-haven role. In the case of Treasuries, because of the inflation concerns, and in the case of gold, because we could see some investors selling their gains in gold to offset some losses in the equity market.”
Bond markets have come under pressure over the past few sessions on risks that the prolonged spike in energy prices could stoke inflation and cause central banks across the globe to turn more hawkish.
Business
8th Pay Commission: How Much Will Central Govt Employees’ Salaries Rise? What We Know So Far
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The government has begun consultations for the 8th CPC to review salaries, pensions, and allowances for central employees and retirees. Suggestions are open until April 30.
8th Pay Commission.
8th Pay Commission: The government has started the consultation process for the 8th Central Pay Commission, which will review salaries, pensions and allowances for millions of central government employees and retirees.
The Ministry of Finance has invited suggestions from employees, pensioners, staff unions and other stakeholders as part of the exercise. Inputs can be submitted through an online portal until April 30, 2026.
The Terms of Reference for the commission were notified on November 3, 2025, and the panel has been given 18 months to submit its recommendations. Once the report is submitted and approved by the government, it could lead to a revision in pay structures and pension benefits.
The proposed revision is expected to affect around 50 lakh central government employees and nearly 69 lakh pensioners.
What Is The 8th Pay Commission?
Pay commissions are constituted periodically by the government to review the salary structure of central government employees and recommend changes based on inflation, economic conditions and fiscal capacity.
India’s first pay commission was set up in 1946, and since then seven such panels have revised pay and allowances.
Under the 7th Pay Commission, implemented in 2016, the minimum basic salary of central government employees was increased to Rs 18,000 per month, while the maximum basic salary was fixed at Rs 2.5 lakh.
How Salaries Have Changed Over Time
Each pay commission has significantly revised government salaries over the decades.
The 1st Pay Commission (1946-47) fixed the minimum basic salary at Rs 55, while the maximum salary was Rs 2,000.
The 2nd Pay Commission (1957-59) raised the minimum salary to Rs 80, with the maximum reaching Rs 3,000.
The 3rd Pay Commission (1972-73) increased the minimum pay to Rs 196, while the maximum salary was set at Rs 3,500.
The 4th Pay Commission (1986) raised the minimum basic salary to Rs 750 and the maximum to Rs 8,000.
Under the 5th Pay Commission (1996), the minimum salary increased to Rs 2,550, while the maximum rose to Rs 26,000.
The 6th Pay Commission (2006) pushed the minimum basic pay to Rs 7,000, with the maximum salary reaching Rs 80,000.
Finally, the 7th Pay Commission (2016) raised the minimum basic salary to Rs 18,000 and the maximum basic pay to Rs 2.5 lakh.
Will Minimum Salary Rise To Rs 46,000?
There has been speculation that the minimum basic salary could rise significantly under the 8th Pay Commission, depending on the fitment factor used to revise pay.
Some estimates suggest that if the fitment factor is set at a higher level, the minimum basic salary could increase substantially from the current Rs 18,000, potentially crossing Rs 40,000.
However, government officials have clarified that no final decision has been taken on the revised pay levels.
Long Process Before Pay Hike
The government has also said that financial provisions for implementing the new pay structure will only be made after the commission submits its report and the recommendations are approved.
For now, the consultation phase marks the first step in what is expected to be a lengthy process before any changes in salaries or pensions are implemented.
March 11, 2026, 16:34 IST
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Business
Iran war oil shock: India buys 30 million barrels of Russian crude after US waiver – The Times of India
India has purchased around 30 million barrels of unsold Russian crude after the United States issued a 30-day waiver allowing the country to buy shipments already stranded at sea, Bloomberg reported citing sources.According to the report, Indian refiners moved quickly to secure the available cargoes, many of which were already positioned in Asian waters, offering an immediate alternative as disruptions hit oil flows from the Middle East.India had earlier scaled back purchases of Russian oil, replacing part of those supplies with crude from Saudi Arabia and Iraq. While New Delhi has never officially said it would stop buying Russian oil and a significant volume continues to flow. Though the overall import levels had declined in recent months.The widening conflict in the Middle East has since disrupted traditional supply routes, with shipping traffic through the Strait of Hormuz severely affected after US and Israeli strikes on Iran.Although the Strait of Hormuz is one of the world’s most critical oil shipping lanes, only about 40% of India’s crude imports pass through the waterway. Still, the disruption has pushed Indian refiners to secure alternative crude supplies to maintain stable energy flows.
Indian refiners move quickly to secure cargoes
Following the waiver, Indian refiners including Indian Oil Corporation and Reliance Industries bought up nearly all available Russian cargoes in the spot market, according to sources cited by Bloomberg.Much of the crude had already been loaded onto tankers and was moving through Asian waters but had not yet been committed to buyers.Traders said Indian Oil purchased around 10 million barrels, while Reliance bought at least another 10 million barrels, with other Indian refiners taking the remaining volumes. Russian crude offered included a range of grades such as Urals, ESPO and Varandey. The prices were offered at premiums of $2 to $8 per barrel over London’s Dated Brent benchmark, a sharp shift from earlier months when Russian oil traded at discounts to the global marker.The surge in purchases comes amid major disruptions to global energy supplies caused by the escalating Middle East conflict. The Strait of Hormuz, which connects Gulf oil producers to global markets, has been effectively closed since US and Israeli strikes on Iran began, limiting access to Middle Eastern crude.The disruption has forced importers such as India to quickly secure alternative supplies.
Tankers change course toward India
Several oil tankers that had initially been sailing away from the subcontinent have reversed course toward India following the waiver.Among them are the vessels Maylo and Sarah, which recently changed their destination from Singapore and are now heading to Indian ports, according to shipping data cited by Bloomberg.India traditionally imported little Russian oil before the Russian invasion of Ukraine, but the purchase increased after Western sanctions forced Moscow to offer crude at steep discounts.At its peak in mid-2024, India’s imports of Russian oil exceeded 2 million barrels per day. However, purchases fell to about 1.06 million barrels per day in February, according to data from analytics firm Kpler, as India cut back under pressure from Washington.
US says waiver is temporary
The United States has earlier described the waiver as a temporary measure aimed at stabilising global energy markets during the ongoing Middle East crisis.White House press secretary Karoline Leavitt said the move was intended to address short-term supply disruptions.Responding to a question about the waiver, Leavitt said, “They came to this decision because our allies in India have been good actors and have previously stopped buying sanctioned Russian oil,” she said. “So as we work to appease this temporary gap of oil supply around the world because of the Iranians, we have temporarily permitted them to accept that Russian oil and this Russian oil was already at sea,” she added.She noted that the shipments would not boost Russia’s revenue, stating that, “It was already out on the water. So this short term measure, we don’t believe it will provide significant financial benefit to the Russian government at this time.”
Iran has 15 gold mines, with the largest being the Zarshouran mine located in the country’s northwest. PHOTO: PIXABAY
Gold prices increased in both international and local markets, while silver rates remains comparatively stable.
In the international bullion market, gold prices rose by $37 per ounce to reach $5,205.
However, spot gold prices in London are down 6% since the initial safe-haven spike at the start of the conflict on February 28. Bullion was last trading at $5,109 per troy ounce, even as oil prices surged.
In the local market, the price of gold per tola increased by Rs3,700 to reach Rs543,262.
Similarly, the price of gold per 10 grams rose by Rs3,172 to Rs465,759.
Meanwhile, silver prices remained stable. The price of silver per tola stayed unchanged at Rs9,354, while the price per 10 grams also held steady at Rs8,019.
Read: Gold prices rise in global and local markets after four-day break
Earlier on Monday, oil prices were up about 8%, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding US-Israeli illegitimate war with Iran.
Brent futures rose $7.21, or 7.8%, to $99.90 a barrel at 1643 GMT, while US WTI crude rose $4.50, or 5.0%, to $95.40.
In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high of $119.48.
Since the United States and Israel attacked Iran on February 28, Brent has surged by as much as 65% and WTI 78%.
Monday’s prices compare with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008, according to LSEG data.
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