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Pakistan Seeks Saudi Oil Supplies Via Yanbu Port

Pakistani Petroleum Minister Ali Pervaiz Malik met with Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki. Photo: Pakistani Ministry of Energy on X
Pakistani Petroleum Minister Ali Pervaiz Malik met with Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki. Photo: Pakistani Ministry of Energy on X
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Pakistan Seeks Saudi Oil Supplies Via Yanbu Port

Pakistani Petroleum Minister Ali Pervaiz Malik met with Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki. Photo: Pakistani Ministry of Energy on X
Pakistani Petroleum Minister Ali Pervaiz Malik met with Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki. Photo: Pakistani Ministry of Energy on X

Pakistan has asked Saudi Arabia to route oil supplies through the Red Sea port of Yanbu after the closure of the Strait of Hormuz disrupted shipping, the petroleum ministry said in a press release on Wednesday.

The request comes as war in the Middle East has disrupted shipping through the Strait of Hormuz, a critical global chokepoint through which a large share of the ⁠world's oil and most ⁠of Pakistan's fuel imports pass, raising concerns about supply security for import-dependent economies.

"He further highlighted that Saudi Arabian sources had assured security of supplies through the Port of Yanbu on the Red Sea, which can ⁠help meet energy requirements," read the release, adding that one vessel has been arranged to sail to Yanbu to lift crude for Pakistan.

Riyadh reaffirmed it would support Pakistan in meeting its emergency energy needs, it added.

Petroleum Minister Ali Pervaiz Malik raised the issue in a meeting with Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki, according to a ministry ⁠statement.

The ⁠minister said most of Pakistan's energy imports transit through the Strait of Hormuz and the government was monitoring the situation closely to ensure the continuity of supplies.

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China Reportedly Tells Oil Refiners to Suspend Exports

FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo
FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo
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China Reportedly Tells Oil Refiners to Suspend Exports

FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo
FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo

China has told its largest oil refiners to suspend exports of diesel and gasoline, Bloomberg News reported Thursday, citing unidentified sources, as the war in the Middle East risks an energy supply crunch.

China is a net importer of oil and is one of several major Asian economies that depend on the vital Strait of Hormuz for energy. Traffic through the strait is currently blocked.

The Middle East was the source of 57 percent of China's direct seaborne crude imports in 2025, according to analytics firm Kpler.

Officials from China's top economic planner, the National Development and Reform Commission, met refinery representatives "and verbally called for a temporary suspension of refined product shipments that would begin immediately,” Bloomberg said Thursday, citing unidentified people familiar with the matter.

"The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments," it said.

A spokesperson for China's foreign ministry denied knowledge of the suspension when asked about it at a regular news conference.

PetroChina, Sinopec, CNOOC, Sinochem Group and private refiner Zhejiang Petrochemical regularly obtain fuel export quotas from the government, Bloomberg said.

The companies did not respond to AFP's requests for comment.

Business

UAE Shares Extend Losses

A man follows the stock market shares on a screen with stock information at the Dubai Financial Market (DFM) in the Gulf emirate of Dubai, United Arab Emirates, 04 March 2026. EPA/ALI HAIDER
A man follows the stock market shares on a screen with stock information at the Dubai Financial Market (DFM) in the Gulf emirate of Dubai, United Arab Emirates, 04 March 2026. EPA/ALI HAIDER
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UAE Shares Extend Losses

A man follows the stock market shares on a screen with stock information at the Dubai Financial Market (DFM) in the Gulf emirate of Dubai, United Arab Emirates, 04 March 2026. EPA/ALI HAIDER
A man follows the stock market shares on a screen with stock information at the Dubai Financial Market (DFM) in the Gulf emirate of Dubai, United Arab Emirates, 04 March 2026. EPA/ALI HAIDER

The UAE stock markets fell in early trade on Thursday, extending losses from the previous session after exchanges reopened following a two-day trading halt triggered by Iran’s missiles and drones.

The UAE's stock markets reopened on Wednesday.

Both exchanges said they will temporarily set a 5% lower price limit on securities.

Dubai's main share index sank more than 4%, as stocks retreated across the board, with top lender Emirates NBD and blue-chip developer Emaar Properties both losing 4.9%.

Elsewhere, budget airline Air Arabia declined 4.9%.

However, utility firm Dubai Electricity and Water Authority advanced 4.4%.

In Abu Dhabi, the index retreated 2.3%, with the country's biggest lender First Abu Dhabi Bank declining 4.9% and Aldar Properties was ⁠down 5%.

Among ⁠other fallers, Abu Dhabi Commercial Bank tumbled 5%.

Business

US Bonds Tumble as Oil Price Surge Rekindles Inflation Fears

Patrick King works on the floor at the New York Stock Exchange in New York, Wednesday, March 4, 2026. (AP Photo/Seth Wenig)
Patrick King works on the floor at the New York Stock Exchange in New York, Wednesday, March 4, 2026. (AP Photo/Seth Wenig)
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US Bonds Tumble as Oil Price Surge Rekindles Inflation Fears

Patrick King works on the floor at the New York Stock Exchange in New York, Wednesday, March 4, 2026. (AP Photo/Seth Wenig)
Patrick King works on the floor at the New York Stock Exchange in New York, Wednesday, March 4, 2026. (AP Photo/Seth Wenig)

A steep selloff ‌in US Treasuries extended into a fourth straight day on Thursday, as investors fretted that surging energy prices from the war in the Middle East could stoke inflation and derail the Federal Reserve's rate outlook.

The benchmark 10-year US Treasury yield jumped as much as 5 basis points in Asia to a three-week high of 4.1310%, extending its rise for the week thus far to nearly 17 bps.

The two-year yield was meanwhile up about 2 bps to ‌3.5640%, having ‌also gained more than 18 bps ‌this ⁠week. Bond prices move ⁠inversely to yields, said Reuters.

Investors have pared back expectations of further easing from the Fed this year on the back of the US-Israel war with Iran, which entered its sixth day as Iran launched a wave of missiles at Israel, sending millions of residents into bomb shelters.

That has ⁠kept oil prices elevated, and with shipping ‌through the key Strait of ‌Hormuz paralyzed, investor focus has quickly shifted to the risk ‌of a resurgence in inflation.

"As of right now, ‌the (US) consumer price index is going to get back to the high (2%) if crude oil costs don't tumble in short order," said Jose Torres, senior economist at Interactive Brokers.

"The reversal in (inflation) ‌progress would likely send Treasuries and stocks further lower, as rate-cut optimism amid decelerating cost ⁠pressures was ⁠what sparked the rallies in fixed income and cyclical benchmarks early in 2026."

Traders are now pricing in just a 34% chance of a Fed cut in June, as compared to a near 46% chance a week ago, according to the CME FedWatch tool.

Fed funds futures point to just over 40 bps worth of easing by the year-end.

The shifting Fed expectations have also come on the back of Wednesday's upbeat US economic data, which showed services sector activity surged to more than a 3-1/2-year high in February amid strong demand.