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Oil, stocks fall as traders weigh outlook after Trump extends truce

Oil prices fell along with stocks on Wednesday as investors assess the chances of US-Iran peace talks after Donald Trump extended his ceasefire at the eleventh hour but kept his blockade of the Strait of Hormuz in place.

With the two-week truce in its final hours, the US president said he would push the deadline back indefinitely following a request from mediator Pakistan and stressing the need to give Tehran’s “fractured” leadership time to form a proposal.

He had previously indicated he would not extend the truce and warned he would resume bombing the Islamic republic when it expired.

“I have…directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their (Iran´s) proposal is submitted,” Trump wrote on social media.

The decision not to carry out fresh attacks on Iran but continue to prevent its ships from passing through the Strait — a major sticking point between the rivals — left traders awaiting clearer developments.

The fate of peace talks in Islamabad was hanging in the balance, with a White House official saying Vice President JD Vance would not travel Tuesday as previously planned, pending the submission of an Iranian proposal.

Tehran has said it will not attend because of what it said were unreasonable US demands, while the semi-official Tasnim news agency said there was no prospect of officials going at present.

Christopher Wong, a strategist at Oversea-Chinese Banking Corp, said: “The US and Iran may be trying to shore up leverage and playing a game of who blinks first.

“Whatever the outcome, the suspense in the interim may see risk appetite being curtailed but when either side blinks, risk proxies could rally.”

Both main oil contracts edged down, though they fluctuated in early trade, having risen around 3% Tuesday.

Equities were mostly in the red following another down day on Wall Street.

Hong Kong, Sydney, Singapore, Seoul and Wellington dropped, with Shanghai flat. Tokyo, Taipei and Wellington rose.

Traders have been struggling to find direction this week after Tehran said Friday it would allow ships through the Strait of Hormuz — which it had effectively closed since war began on February 28 —before pulling back a day later, citing the US blockade and seizure of a ship.

Donald Trump has similarly accused Tehran of violating the ceasefire by harassing vessels in the waterway, the transit passage for about one-fifth of global oil.

The developments sent crude swinging wildly, though they have held below $100, while equity markets have been less volatile on lingering optimism the two sides will eventually reach a deal to end the seven-week conflict that has hit the global economy.

“With markets surging amid optimism that the war is soon going to end, and the Hormuz Strait to open, markets are now more cautious,” wrote Fawad Razaqzada, an analyst at FOREX.com.

“If there’s no deal, I would imagine that oil prices could climb back above $100, which would likely invite pressure on equities.”

Investors are also keeping tabs on the confirmation hearing by senators of Kevin Warsh, Trump’s pick to replace Federal Reserve boss Jerome Powell, whose term ends next month.

Warsh insisted he would not be controlled by the president as he fielded questions on his assets and central bank independence during his confirmation hearing.

The former Fed governor emphasised his commitment to “ensuring that the conduct of monetary policy remains strictly independent”, adding he would “absolutely not” be Trump’s puppet.

Trump, since his return to office last year, has severely criticised Powell for not slashing rates more aggressively, and told CNBC on Tuesday he would be disappointed if the new chair did not swiftly lower borrowing costs.

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Pakistani Students’ UK Visa Delays Raised by Azam Nazeer Tarar with British High Commissioner

Azam Nazeer Tarar with UK High Commissioner

ISLAMABAD: British High Commissioner Jane Marriott called on Federal Minister for Law & Justice Senator Azam Nazeer Tarar. The meeting discussed Pakistan-UK bilateral relations, matters of mutual interest and ways to further strengthen cooperation between the two countries.

During the meeting, the Federal Minister raised the issue of delays in UK visas for Pakistani students and conveyed the Government of Pakistan’s concern to the British High Commissioner.

Senator Azam Nazeer Tarar said that hundreds of Pakistani students were facing difficulties due to delays in visa processing, with a risk that the delays could result in the loss of their academic year. He stressed the need to remove obstacles faced by Pakistani students seeking education abroad and facilitate them in this regard.

The Federal Minister briefed the British High Commissioner that, on the directives of the Prime Minister, a committee under his chairmanship was working to improve the legal and institutional framework concerning Pakistani students studying abroad.

He further informed the High Commissioner that, on the Prime Minister’s directives, the committee had finalized its recommendations on the matter, and work was underway to further improve the legal and institutional framework for Pakistani students pursuing education abroad.

The Federal Minister said that the legal and institutional framework for Pakistani students seeking education abroad was being improved to develop an effective mechanism for addressing the issues faced by students.

British High Commissioner Jane Marriott assured the Federal Minister that the issue of delays in visas for Pakistani students would be addressed.

The meeting also discussed further strengthening educational linkages between Pakistan and the United Kingdom, as well as enhancing institutional cooperation and engagement between the two countries.

Minister of State for Law, Justice and Human Rights Barrister Aqeel Malik was also present during the meeting.

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Naqvi Sets September 30 Deadline for Completion of Islamabad Safe City Expansion

ISLAMABAD: Interior Minister Mohsin Naqvi, accompanied by Minister of State for Interior Talal Chaudhry, visited the Islamabad Safe City Headquarters on Friday and chaired a special meeting to review progress on the Safe City Expansion Project, directing officials to complete the ambitious initiative by September 30.

During the briefing, officials informed the minister that overall work on the expansion project has reached 85 percent completion. Installation of the new surveillance network is also 85 percent complete, while 415 kilometres of optical fibre have been laid to support the upgraded system. Work on the data centre, cyber architecture, and cybersecurity infrastructure has also reached approximately 80 percent completion.

Expressing satisfaction over the pace of work, Naqvi stressed that the remaining tasks must be completed within the stipulated timeframe.

He said the government’s vision is to transform the Islamabad Safe City into a modern, smart, and world-class institution comparable to those in developed countries.

The interior minister said the technologically advanced Safe City system would significantly strengthen public safety through enhanced surveillance, effective monitoring, and rapid emergency response capabilities.

He noted that the project would play a vital role in improving law enforcement efficiency and ensuring better security for residents of the federal capital.

Naqvi also assigned officials the task of completing the state-of-the-art Fusion Centre within the next three months, describing it as a critical component of the upgraded Safe City network.

He further directed the relevant authorities to finalise the Safe City Bill at the earliest and present it before the National Assembly without delay to provide the legal framework necessary for the project’s long-term operation and expansion.

The meeting was attended by the Federal Secretary for Interior, the Director General of the Federal Investigation Agency (FIA), senior Safe City officials, and other relevant officers, who briefed the minister on the progress and future roadmap of the expansion project.

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PM Shehbaz, high-level delegation perform Umrah; pray for country’s progress

MAKKAH AL-MUKARRAMAH: Prime Minister Muhammad Shehbaz Sharif, along with his high-level delegation, performed Umrah here on Friday.

He was accompanied by his delegation including Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, federal ministers Khawaja Muhammad Asif and Attaullah Tarar, and Special Assistant to PM Tariq Fatemi.

The door of Khana Kaaba was opened specially for the prime minister and his delegation.

Following the completion of the Umrah rituals, the prime minister, field marshal, and other members of the Pakistani delegation offered special prayers for the progress and prosperity of the country, the safety and unity of the Muslim Ummah, and for regional and global peace.

The prime minister arrived in Jeddah on Thursday evening for a three-day visit to Saudi Arabia at the invitation of Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.

Besides meeting with his Saudi counterpart, he will also pay a visit to the Roze-e-Rasool (PBUH) in Madinah.