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Oil Steadies as Hopes of Renewed US-Iran Negotiations Offset Houthi Threat 

FILE - The Mina Al-Ahmadi oil refinery operates in Kuwait, March 20, 2026. (AP Photo, File)
FILE - The Mina Al-Ahmadi oil refinery operates in Kuwait, March 20, 2026. (AP Photo, File)
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Oil Steadies as Hopes of Renewed US-Iran Negotiations Offset Houthi Threat 

FILE - The Mina Al-Ahmadi oil refinery operates in Kuwait, March 20, 2026. (AP Photo, File)
FILE - The Mina Al-Ahmadi oil refinery operates in Kuwait, March 20, 2026. (AP Photo, File)

Oil prices were steady on Monday, pulling back from earlier highs. Benchmark prices had earlier touched more than one-month highs on concern over disruption to shipments through the Strait of Hormuz.

Brent crude futures were up 18 cents, or 0.2%, at $88.28 a barrel by 1222 GMT after hitting $91.42 for their highest since June 11.

US West Texas Intermediate crude was down 34 cents, or 0.4%, at $82.15 after touching its loftiest level since June 12 at $85.39.

Mediators have passed Iran a proposal to de-escalate the war with the US, suggesting a 10-day ceasefire to find ways to revive an interim deal reached last month, a senior Iranian official told Reuters on Monday.

Efforts to restore dialogue between the US and Iran weighed on prices, said Crispus Nyaga, research analyst at Empire FX.

However, traffic through the Strait of Hormuz has thinned sharply, with only a handful of ships making the passage, he added.

Prices had earlier extended last week's hefty gains, driven by recent hostilities between the US and Iran that have restricted oil shipments through the strait.

The Middle East conflict escalated over the weekend, with the US conducting a ninth straight night of attacks against Iran while Kuwait and Bahrain reported more Iranian strikes.

The Iranian Revolutionary Guard Corps said on Monday that two oil tankers had been immobilized after explosions as they attempted to transit what it described as an unsafe southern route through the Strait of Hormuz, alleging they had been encouraged by the US military to use that passage.

Reuters was unable to obtain immediate verification of events.

"The supply narrative has become more bearish. The anticipated recovery in shipping has effectively stalled, with Strait of Hormuz transit volumes falling to single digits," ANZ analysts said in a note.

Four vessels made the transit through the Strait of Hormuz on Sunday, down from eight the previous day, LSEG data showed. At least three oil products tankers and one very large crude carrier have entered the strait since Friday to load oil, the data showed.

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Business

Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
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Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo

Danish shipping group Maersk said on Thursday it was increasing its emergency fuel surcharge (EFS) on all export collections and import deliveries due to ⁠the ongoing conflict ⁠in the Middle East.

Oil prices rose on Thursday on worries about supply from ⁠the Middle East region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz, while the US cut output as a hurricane menaced offshore production.

Maersk ⁠said ⁠in a statement it was increasing its EFS to 20% as of October 12, and that it would continue to review the surcharge regularly.

Business

IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
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IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)

The International Monetary Fund has reached a staff-level agreement with Pakistan on reviews of some of its lending programs, potentially unlocking about $1.21 billion in financing pending board approval, the fund said on Wednesday.

If the board approves the deal, Pakistan could access about $1 billion under the ⁠Extended Fund Facility ⁠and $210 million under the climate-focused Resilience and Sustainability Facility, bringing total disbursements under the two programs to around $5.7 billion.

Pakistan remains reliant on external financing to bolster foreign ⁠exchange reserves and meet debt repayments.

"Supported by the EFF, the authorities have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability," Reuters quoted the fund as saying.

Risks remain elevated, however, due to geopolitical tensions, volatile energy prices, tighter global financial conditions ⁠and ⁠trade disruptions, the IMF said.

Pakistan is the most vulnerable major Asia-Pacific economy to a prolonged Middle East conflict, given its dependence on Gulf energy imports, remittances and financing support from the region, Ahmad Mobeen, principal economist at S&P Global Market Intelligence, said earlier this year.

Business

Gold Pauses Decline after Two-month Low as Traders Weigh US Fed Move

A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
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Gold Pauses Decline after Two-month Low as Traders Weigh US Fed Move

A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)
A 1000-gram gold bar at a gold and silver refinery in Vienna (AFP)

Gold prices steadied on Thursday after sliding to a two-month low in the previous session, as investors assessed the likelihood of another US Federal Reserve interest rate hike before year-end.

Spot gold was little changed at $4,116.67 per ounce by 0625 GMT. On Wednesday, bullion prices touched their lowest level since August 5 as a ‌firmer dollar and ‌higher US Treasury yields weighed on the ‌market.

US ⁠gold futures were ⁠flat at $4,140.70.

"The short-term investment case for gold remains challenged... We would need to see a break above $4,275 to become more constructive on the near-term upside," said Chris Weston, head of research, Pepperstone.

"If markets begin treating rising long-end yields as a reflection of sovereign credit and fiscal risk rather than stronger economic fundamentals, gold ⁠could start to diverge positively from bond yields ‌and the debasement trade could return ‌with greater force."

Fed policymakers were divided last month over the rationale for ‌raising interest rates, with "some participants" seeing a hike as needed ‌to keep the impact of energy and other price shocks at bay, but a more hawkish core viewing it as necessary to guard against emerging demand-driven inflation, minutes showed.

Traders see only a 19% chance ‌of a rate hike later this month, but are pricing in an 86% likelihood of ⁠an increase ⁠in December, according to CME's FedWatch tool.

Higher rates diminish the appeal of non-yielding gold.

The global economy is under threat from persistently high energy prices, record public debt and risks from the AI investment boom, International Monetary Fund Managing Director Kristalina Georgieva warned, urging governments to implement protective fiscal and monetary policy measures.

Among other metals, spot silver fell 1.9% at $59.01, platinum added 1.6% to $1,657.18 and palladium climbed 1.1% to $1,136.80.

"We see silver on a downward trajectory given the deteriorating chart patterns and expect a test of the 2026 lows in the mid to high $50s," Marex analyst Edward Meir said in a note.