Islamabad announced a cut in fuel and electricity prices despite a steep global rise in the cost of oil, pledging to freeze the new rates for four months

Analysts say soaring prices for fuel will push consumers into electric vehicles and boost investment in clean technologies like hydrogen, but it also spurs more drilling of oil and gas

Gulf producers have not committed to additional supplies for BPCL, as allocations for April loading are due to be finalised next week

On Wednesday morning, the global benchmark Brent crude price rose more than 5.8% to $111.09, its highest level since early July 2014

The Public Utilities Commission said it was a "black day" for the island nation as it approved the rationing power stations running out of fuel

The crown prince stressed the need for a "peaceful solution ... that guarantees the interests and national security of all parties" in Ukraine

A China institute that advises the nation's top leaders says Western sanctions will end up hurting the US and Europe more than Russia itself.

Oil prices surged on Tuesday over concerns about potential supply disruptions after Russia's invasion of Ukraine and related sanctions despite talk of a coordinated global crude stocks release

Oil, grains rise; Palladium prices surge, gold climbs; Aluminium at record-high; Nickel up on Russian supply worries; Fears of food inflation as wheat, corn, edible oil prices rally

Oil giant BP says it will exit its Rosneft stake worth $25 billion. Meanwhile, leases on over half the 980 jets in Russia may be severed by foreign firms because of sanctions.

China boosted purchases for its oil reserves even as oil prices soared, despite US calls for a coordinated release of stocks to cool the market

Tokyo also plans to quickly implement further steps to help curb rising prices of fuels such as petrol and kerosene amid soaring oil prices