Faraz Saeed

With the Hormuz blockade tightening around Iran&#39;s exports, storage tanks are filling fast. According to Kepler data, Iran could run out of storage space in as little as 12 to 22 days. The obvious solution is to stop pumping. But in the oil industry, that is rarely the answer. Shutting down a well risks permanent pressure loss, collapsed flow pathways and costly restarts that can take months or years.&nbsp;

Shorts

With the Hormuz blockade tightening around Iran's exports, storage tanks are filling fast. According to Kepler data, Iran could run out of storage space in as little as 12 to 22 days. 


Iran running out of oil storage space: Here's why it can't just turn off its wells

TEHRAN:&nbsp;Iran&#39;s supreme leader Ayatollah Mojtaba Khamenei said in a written message on Thursday that the United States had been defeated in its war with the Islamic republic, as the Iranian leadership defied President Donald Trump&#39;s warnings of a prolonged blockade. &quot;Today, two months after the largest military deployment and aggression by the world&#39;s bullies in the region, and the United States&#39; disgraceful defeat in its plans, a new chapter is unfolding for the Persian Gulf and the Strait of Hormuz,&quot; said Khamenei in the message read on state television. The message by Khamenei, who has yet to appear in public since his appointment on March 9 as Iran&#39;s new supreme leader, came on the annual national celebration of &quot;Persian Gulf&quot; day in Iran. Mojtaba Khamenei became the supreme leader after the US and Israel launched a massive campaign of strikes on Iran on February 28, killing his father and predecessor, Ali Khamenei. Last week, the New York Times, citing several unnamed Iranian officials, said the younger Khamenei was &quot;gravely wounded&quot; in the strikes but has remained &quot;mentally sharp.&quot; In his Thursday message, he said US bases in the region &quot;lack even the capacity to ensure their own security, let alone provide any hope of securing their allies.&quot; He hailed what he called Iran&#39;s &quot;new legal framework and management&quot; of the strategic Strait of Hormuz, a key energy chokepoint, as a means to bring &quot;comfort and progress&quot; for countries in the region. Bright futureThe strait has become a major flashpoint since the outbreak of the Middle East war, with Iran allowing only a trickle of ships to pass through the waterway. Last week, a senior lawmaker said Tehran has received the first revenue from tolls it imposed on the strait. Khamenei predicted a bright future for the Gulf without the United States and condemned what he described as &quot;outsiders&quot;, saying those who interfere from thousands of kilometres away &quot;have no place there except at the bottom of its waters&quot;. He also lauded the people of Iran, who he said &quot;consider all national capacities -- identity, spiritual, human, scientific, industrial, and advanced technologies from nano and bio to nuclear and missile -- as their national capital&quot;. Earlier Thursday, Iran&#39;s President Masoud Pezeshkian had said a US naval blockade imposed in retaliation against Iran&#39;s action in Hormuz was &quot;doomed to fail&quot;. Pezeshkian added that such measures would &quot;not only fail to enhance regional security, but are in fact a source of tension and a disruption to lasting stability in the Persian Gulf&quot;. Other figures have also struck a tone of defiance, with Navy Commander Shahram Irani signalling that Iran will deploy &quot;in the very near future&quot; naval weaponry which it has recently developed.

Americas

Europe

Mojtaba Khamenei says the United States has been defeated in its war with Iran, as Tehran maintains control over the Strait of Hormuz and continues to defy US pressure.

Iran's supreme leader says US suffered 'disgraceful defeat'

Maryam Shah

Chinese electric vehicle maker BYD recorded a 55 percent decline in first-quarter net profit, a Hong Kong stock filing showed on Tuesday, as weaker domestic demand added to pressure from cutthroat competition.

BYD’s first-quarter net profit fell 55 percent as weak Chinese demand and fierce competition hurt profitability, prompting the EV giant to pursue stronger growth in overseas markets.

Chinese EV giant BYD reports 55% drop in Q1 net profit

Web Desk

ISLAMABAD: India ranked 157th out of 180 countries in the 2026 World Press Freedom Index released on April 30 by Reporters Without Borders, marking a drop of six places from its 151st position in 2025.&nbsp;The watchdog, also known as RSF, observed that the global average score has never been so low in 25 years, with more than half of all countries now classified under &ldquo;difficult&rdquo; or &ldquo;very serious&rdquo; conditions for press freedom.&nbsp; Norway, the Netherlands, Estonia, Denmark, and Sweden occupy the top positions, while nearly all of India&rsquo;s neighbors rank higher than India, said an Indian media report based on RSF&rsquo;s findings.&nbsp;The report attributes the crisis in India&rsquo;s press freedom to rising violence against journalists, concentrated media ownership, and increasing political alignment of news outlets.&nbsp; It highlights the leadership of Prime Minister Narendra Modi and his party, stating that since 2014, the media environment has deteriorated significantly.&nbsp; Despite a vast and diverse media landscape, RSF describes it as being in an &ldquo;unofficial state of emergency,&rdquo; shaped by close ties between political power and dominant media families. The report points to the influence of major business figures, noting that Mukesh Ambani&rsquo;s Reliance group owns more than 70 media outlets, while Gautam Adani&rsquo;s acquisition of NDTV in 2022 marked a turning point in reducing mainstream media pluralism.&nbsp;&nbsp;&lsquo;Godi media&rsquo;It also describes the rise of &ldquo;godi media,&rdquo; suggesting that pressure and influence are undermining independent journalism. According to RSF, the prime minister rarely holds press conferences and selectively engages with favorable media figures, while journalists critical of the government face harassment, including coordinated online attacks.&nbsp; Laws related to sedition, defamation, and anti-terrorism are frequently used to suppress reporting, while government control over advertising revenue further pressures media organizations. The report also highlights a lack of diversity in newsrooms, with leadership largely dominated by upper-caste Hindu men, affecting representation and coverage.&nbsp; It notes that India remains one of the most dangerous countries for journalists, with two to three killed annually and many facing threats, arrests, and violence, particularly those reporting on sensitive issues or regions such as Indian Illegally Occupied Jammu and Kashmir.

India

Norway, the Netherlands, Estonia, Denmark, and Sweden occupy the top positions, while nearly all of India’s neighbors rank higher than India, said an Indian media report based on RSF’s findings.

India drops to 157th as press freedom crisis deepens

ISLAMABAD: Pakistan on Thursday condemned what it described as &#39;unprovoked&#39; cross-border firing by Afghan forces in South Waziristan, saying civilians, including children, were injured in the latest escalation along the frontier, Ministry of Foreign Affairs (Office of the Spokesperson) said. In a weekly press briefing, the spokesperson, Tahir Andrabi, said Afghan forces carried out firing and shelling on April 26 and 29 in border areas of South Waziristan adjacent to Bannu district, including Angoor Adda, damaging homes and wounding several people, among them children aged 3, 8, and 10. The ministry said residents and tribal elders had voiced concern over repeated incidents and demanded an immediate halt to cross-border attacks. It added that Islamabad had expressed &#39;strong condemnation&#39; and was taking measures to assist affected families and ensure civilian safety. Diplomatic engagement on ceasefire effortsThe Foreign Office said Pakistan had maintained &ldquo;sustained engagement&rdquo; with both Washington and Tehran over the past two weeks, supporting ceasefire efforts and dialogue aimed at de-escalation. &quot;Pakistan remains committed to regional stability and international peace, reflecting our preference for principled, dialogue-oriented diplomacy in addressing complex geopolitical challenges and managing complex disputes,&quot; said the spokesperson.&nbsp; &quot;Pakistan has maintained open channels of communication with the concerned parties&quot;, he added, highlighting a series of high-level engagements led by Prime Minister Shehbaz Sharif, including multiple calls with Iranian President Masoud Pezeshkian and consultations with leaders from Saudi Arabia, Qatar, and T&uuml;rkiye. According to the briefing, Sharif&rsquo;s recent visits to Riyadh, Doha, and Antalya focused on advancing regional peace efforts following a ceasefire between the US and Iran and talks hosted in Islamabad. The ministry said Pakistan&rsquo;s leadership, including Deputy Prime Minister and Foreign Minister Ishaq Dar and Field Marshal Asim Munir, remained engaged with key stakeholders to promote stability. Separately, the Foreign Office said a European Union business delegation was visiting Pakistan and had held meetings with government officials and private sector representatives, with more than 600 business-to-business interactions expected on the sidelines of the EU-Pakistan Business Forum. In the Middle East, Pakistan also joined international statements condemning Israeli actions, including the appointment of a representative to Somaliland and violations at Jerusalem&rsquo;s Al-Aqsa Mosque compound. The briefing concluded with an update on President Asif Ali Zardari&rsquo;s ongoing visit to China, describing it as part of continued high-level exchanges marking 75 years of diplomatic relations between the two countries.

Weekly press briefing (Screen grab: X/@ForeignOfficePk)

Foreign Affairs

Islamabad flays Afghan cross-border firing in South Waziristan that injured civilians, including children, and damaged homes, while highlighting its ongoing diplomatic engagement with the United States and Iran to support de-escalation and regional stability.

Pakistan condemns Afghan border firing, highlights Iran-US de-escalation diplomacy

ISLAMABAD: President Donald Trump on Wednesday said a US naval blockade against Iran could last months, sending oil prices up more than 7% to $126.41 on Thursday, the highest in more than four years. The trajectory of oil prices can be traced back to Feb. 28, when the US and Israel launched joint strikes on Iran, prompting immediate retaliation. Oil prices rose more than 3% on the day, with Brent briefly climbing above $73 per barrel before settling at $72.48. <img src="https://paktv-assets-7d41fab8.s3.eu-west-2.amazonaws.com/d6387ca0-b88e-49c4-8a13-1f9292b8b4ca.jpeg" style="width: 599px;" class="fr-fic fr-dib">Graph made by Gemini depicting oil price volatility since the Iran war broke out&nbsp; &quot;With the US having called on its citizens to leave Israel and Iran, the threat of an attack on the Islamic Republic has dramatically risen, pushing the oil price to a seven-month high,&quot; analyst Axel Rudolph at investing and trading platform IG had said at the time. Strikes threaten Strait of Hormuz closureWithin days, concerns over the possible closure of the Strait of Hormuz pushed prices sharply higher. Brent climbed to around $80 per barrel as the OPEC+ alliance hiked production quotas by 206,000 barrels per day for April. By March 2, Qatar halted LNG production after Iranian attacks on key facilities, sending the Dutch TTF gas benchmark up nearly 45% to over &euro;46 ($54). Iranian oil facilities hitEscalation intensified in the second week of March as attacks targeted Iranian oil infrastructure and Gulf energy facilities.&nbsp; Crude surged past $100 per barrel for the first time in years, triggering declines in global equity markets and raising concerns among major energy-importing economies. Pakistan also raised domestic fuel prices by around 20%, citing global market impacts, and revised the frequency of fuel price announcements&nbsp;from fortnightly to weekly, given the rapidly changing situation. In the US, Trump dismissed the gas price spike as a &quot;small price to pay&quot; for removing the alleged threat of Iran&#39;s nuclear program. Iran strikes Qatar&#39;s Ras Laffan complexA further spike came on March 19, following a strike on a major Iranian gas facility, which sent Brent up more than 6% to nearly $110 per barrel. Iran vowed to hit energy facilities throughout the Gulf in retaliation for what it said was an Israeli attack on the Ras Laffan complex it shares with Qatar. Iranian President Masoud Pezeshkian warned the situation could have &quot;uncontrollable consequences,&quot; and John Kilduff of Again Capital described the South Pars attack as a &quot;red line&quot; for Iran. Trump postpones Iran strikes for talksBut oil prices sank around 10% on March 23 after US President Donald Trump suddenly ordered a halt to strikes on Iranian energy infrastructure after citing &quot;very good&quot; talks with Tehran. Despite Iran&#39;s foreign ministry denying any such negotiations, Trump&#39;s statement offered relief to crude prices, dipping below $100 per barrel. By this point in the war, Brent North Sea crude had jumped more than 40%, while European gas prices had rocketed over 75%. Two-week ceasefireVolatility persisted into April as US President Donald Trump set a deadline for Iran to reopen the Strait of Hormuz, threatening attacks on infrastructure and warning Iran would be &ldquo;living in Hell&rdquo; if it didn&#39;t reopen the strait. The countries agreed to a two-week ceasefire barely an hour before Trump&#39;s deadline to &quot;obliterate&quot; Iran was set to expire, with Pakistan serving as a key intermediary and host for the negotiations. Airline shares rallied, and oil equities retreated as crude prices tumbled in response to the expected return of shipments of oil and other key products through the strait. Biggest single-day drop as Iran declares strait openThe biggest single-day drop came on April 17, when Araghchi declared the strait &quot;completely open&quot; for commercial tankers and cargo ships during the ceasefire. Brent plunged 10% to around $89 per barrel after earlier falling 5% amid hopes of a US-Iran peace deal. West Texas Intermediate shed 1% to $84.11 a barrel. US Navy seizes Iranian shipHowever, oil prices jumped again on April 20 after the US Navy imposed a blockade of the strait and fired on and seized an Iranian container ship in the Gulf of Oman the day before. Iran reimposed restrictions on the strait and warned it will &quot;under no circumstances&quot; return to the pre-war status. Most recent hikeIran warned the US on March 30 that its naval blockade was doomed to fail, after President Donald Trump signaled it could be enforced for months to come, in a confrontation wreaking havoc on global energy markets, according to AFP. As a result, oil prices soared to a four-year high, with Brent crude for June delivery up 7.1% to more than $126 a barrel. Iran&#39;s President Pezeshkian responded with a warning that the action would only further destabilize the region. At present, the US continues its blockade of Iran&#39;s ports, while the Islamic Republic maintains its stranglehold over the strategic Strait of Hormuz.

Customers refuel their vehicles at a gas station of Nayara Energy Limited, in Bengaluru on December 12, 2025. (AFP)

Middle East

Brent crude rises more than 50% in March, a record gain, sending oil prices to a peak of nearly $120 a barrel and roiling the global economy.

Oil hits four-year high as market volatility persists 

MUMBAI: Rajasthan Royals captain Riyan Parag has been fined a quarter of his match fee for vaping in the dressing room during a game, the Indian Premier League said Thursday. Images of Parag, 24, using an e‑cigarette during Tuesday&#39;s match against Punjab Kings were broadcast live on television and quickly went viral on social media. E‑cigarettes are banned in India under a 2019 law that prohibits their manufacture, import, sale and storage, regardless of nicotine content. &quot;Riyan admitted to the offence and accepted the sanction imposed,&quot; a statement posted on the league&rsquo;s website said, adding that the team skipper would also be hit with one demerit point. The IPL added that India&#39;s cricket board was also exploring options to initiate &quot;stringent action&quot; against the Rajasthan Royals, its officials and players to ensure that the reputation of the league &quot;remains intact&quot;. Violations of India&#39;s e-cigarette law can attract fines of up to 500,000 rupees ($6,000) and jail terms. Personal possession and vaping in public is also banned. Rajasthan, winners of the inaugural IPL in 2008 under late Australian great Shane Warne, recently had their team manager Ravinder Singh Bhinder fined 100,000 rupees for using a mobile phone in the dugout during a match.

Cricket

Rajasthan Royals captain Riyan Parag was fined 25% of his match fee after being caught vaping during an IPL match, with India’s cricket board considering stricter action.

IPL fines Rajasthan's Parag for vaping in dressing room

ISLAMABAD: Pakistan Deputy Prime Minister and Foreign Minister Senator Ishaq Dar spoke by phone with EU Vice President and High Representative Kaja Kallas on Wednesday, discussing the evolving regional situation and its wider economic implications. According to the Foreign Office, the two sides reviewed recent regional developments and stressed the importance of continued dialogue and diplomatic engagement. Kallas appreciated Pakistan&rsquo;s &ldquo;constructive and facilitative role&rdquo; in promoting regional peace and stability, the statement said. Dar reaffirmed Pakistan&rsquo;s commitment to supporting dialogue and engagement, saying Islamabad would continue its efforts to reduce tensions and encourage peaceful solutions. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px; line-height: 2;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2049762340116353403&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=04e0aaccf35584dbdd98f5f0c9c8cbbc73cb1743&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 770px; display: block; flex-grow: 1;"></iframe></div></div> The discussion also covered Pakistan-EU economic cooperation.&nbsp; DPM Dar welcomed the recent successful convening of the EU-Pakistan Business Forum in Islamabad, saying the platform had helped strengthen partnerships and open&nbsp;new opportunities for businesses on both sides. The forum was described as an important step in expanding trade, investment and private-sector linkages between Pakistan and the European Union. Both Dar and Kallas agreed to remain in close contact as diplomatic efforts continue.

Ishaq Dar and EU’s Kaja Kallas discussed regional developments, economic implications and peace efforts, while reaffirming dialogue, stronger Pakistan-EU business ties and continued diplomatic contact.

Pakistan DPM Dar discusses regional situation with EU VP Kallas 

ISLAMABAD: Pakistan President Asif Ali Zardari&nbsp;presided over the commissioning of Pakistan Navy&rsquo;s first Hangor-class submarine at a ceremony in China,&nbsp;marking a major milestone in the country&rsquo;s naval modernization and defense capabilities. The commissioning ceremony of PNS/M Hangor was held in Sanya, China, said a press release issued by Pakistan&#39;s military media wing, the Inter-Services Public Relations (ISPR), on Thursday. The president graced the occasion as the chief guest; Chief of the Naval Staff, Admiral Naveed Ashraf, was also present.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px; line-height: 2;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2049751695882866954&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=23264f8a27cf403d3f3388e07ebb952ffab9bb6f&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 568px; display: block; flex-grow: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div> President Zardari described the commissioning of Hangor as a historic milestone in Pakistan Navy&#39;s modernization, affirming Pakistan&#39;s resolve to maintain a robust, balanced and credible defense posture.&nbsp; He said that Pakistan is fully capable of defending its sovereignty, protecting its maritime interests and ensuring the security of its economic lifelines. Need for&nbsp;technologically advanced forcesAdmiral Naveed Ashraf&nbsp;highlighted that disruptions at critical maritime chokepoints increasingly threaten global trade and energy security, and that maintaining a stable, rule-based maritime order demands technologically advanced naval forces.&nbsp; He said that Hangor-class submarines -- armed with state-of-the-art weapons, advanced sensors and air-independent propulsion -- will be key in preserving maritime order and stability in the region.&nbsp; These submarines will play a pivotal role in deterring aggression and ensuring the security of vital Sea Lines of Communication across the Arabian Sea and the wider Indian Ocean region. The naval chief reiterated that the name Hangor holds a significant place in our national history. In 1971, earlier Hangor became the first submarine since World War II to sink a warship.&nbsp; PNS/M Hangor will carry this illustrious legacy forward, as this is an important milestone for Pakistan Navy that will bolster our maritime defense and modernize our fleet with cutting-edge technology. The commissioning of the 1st Hangor-class submarine marks another chapter in the time-tested and enriching friendship between Pakistan and China.&nbsp; The ceremony was attended by senior officials from the Pakistan Navy and the PLA (Navy). Pakistan Prime Minister Shehbaz Sharif and the Chief of Army Staff and Chief of Defense Forces, Field Marshal Asim Munir, congratulated the nation and the Pakistan Navy on achieving this historic milestone.

Security

President Zardari describes the commissioning as a historic milestone in Pakistan Navy's modernization; affirms Islamabad's resolve to maintaining a robust, balanced and credible defense posture.

Pakistan commissions first Hangor-class submarine at historic ceremony in China

ISLAMABAD: BP (British Petroleum) has reported one of its strongest profit performances in recent years, even as the global oil market faces severe disruption from the Strait of Hormuz crisis and the ongoing war in Iran. The British energy giant posted first-quarter underlying replacement cost profits of $3.2 billion, more than doubling from a year earlier and exceeding analyst expectations by about 20%, Reuters reported.&nbsp; Sky News highlighted that these were BP&rsquo;s first results since the war in Iran began, with profits rising sharply as the conflict drove up global oil prices.&nbsp; The report noted that benchmark prices surged after attacks effectively closed the Strait of Hormuz, through which around one-fifth of global oil and liquefied natural gas normally flows.&nbsp; Despite oil averaging only about $81 per barrel during the quarter, BP&rsquo;s profits more than doubled, reflecting what the company itself described as &ldquo;exceptional oil trading,&rdquo; according to Sky News.&nbsp; This highlights a key dynamic in the current crisis: While many oil companies have faced losses from disrupted supply chains, stranded shipments and higher insurance costs, firms with large trading operations have been able to capitalize on price volatility.&nbsp; <div><div style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px; line-height: 2;"><iframe scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2049013102960591000&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=119ed3eb553d52f70f38ab3053361340efbc9998&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 641px; display: block; flex-grow: 1;" spellcheck="false"></iframe></div></div>Reuters reported that BP&rsquo;s trading division was a major driver of earnings, benefiting from supply disruptions and sharp market swings triggered by the conflict. The broader oil market, however, remains under strain. The closure of Hormuz has disrupted shipments, cut output and created legal and logistical challenges for producers and traders, even as prices surged.&nbsp; These disruptions have forced companies to reroute cargoes, absorb higher costs and deal with delayed deliveries. BP itself was not immune to these pressures. Reuters reported that the company relied on increased production in the United States to offset disruptions to Gulf flows, while its net debt rose to $25.3 billion due to working-capital impacts linked to the crisis.&nbsp; The profit surge has raised concerns about rising energy costs for consumers, as higher oil prices linked to the war continue to feed into fuel and household energy bills, Sky News said. The results underscore a widening divide in the oil industry.&nbsp; While the market faces instability and supply risks, companies like BP with strong trading arms are turning volatility into record earnings, even as the broader energy system remains under stress.

Business

British Petroleum (BP) posted $3.2 billion in quarterly profit as oil volatility from the Iran war and Hormuz crisis boosted trading earnings, despite disrupted shipments, rising debt and consumer cost concerns.

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