Oil prices plunge over $3 on Hormuz supply relief

Gold slips below $4,000; APGJSA discusses inter-city travel issues

HOUSTON/ KARACHI:

Benchmark oil prices fell more than $3 on Wednesday to their lowest level since before the start of the Iran war as supply concerns eased with more stranded oil tankers exiting the Strait of Hormuz. US crude futures slipped below $70 a barrel, the lowest level since March 2.

Brent crude futures were down $3.42, or 4.4%, at $73.65 a barrel as of 1445 GMT, and US WTI slipped $3.32, or 4.6%, to $69.87 a barrel, according to Reuters. Brent touched a low of $73.22, its weakest level since February 27, the day before US-Israeli strikes on Iran.

Meanwhile, spot gold prices slipped below the key psychological level of $4,000 per ounce for the first time since November 2025 on Wednesday, under pressure from a firmer US dollar and growing expectations that interest rates will remain elevated. Local gold markets are shut for three days on account of Youm-e-Ashura, so the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) did not release the rates.

However, a delegation of the APGJSA, led by President Qasim Shakarpori, held a meeting with customs authorities at the Jinnah International Airport Customs House on Wednesday to discuss the problems faced by the goldsmith and jeweller community regarding inter-city travel with jewellery and pure gold. Customs Collector Sadia Shahnaz assured the delegation that a proper mechanism would be devised to ease difficulties in inter-city travel.

The rupee inched up against the US dollar, closing at Rs278.20 in the interbank market on Wednesday, from the previous day's Rs278.21.