KARACHI – The Pakistan Stock Exchange (PSX) began the new trading week on a bearish note as tensions escalated following U.S. threats to block all Iranian ports, despite recent Islamabad talks between the two countries.
At the opening bell, the KSE-100 index plunged 5,553.3 points, falling to 161,638.07 from Friday’s close of 167,191.37.
Market analysts noted that investors are closely monitoring the situation after U.S. President Donald Trump warned of a potential blockade on all maritime traffic entering or leaving Iranian ports. Such a move could significantly disrupt oil supplies, likely pushing global petroleum prices even higher.
Meanwhile, oil prices recorded an increase of over 7 percent as the US has announced the blockade of all maritime traffic exiting or entering the Iranian ports after Tehran and Washington failed to reach a deal in Islamabad to end the war.
Brent crude futures climbed $6.71, marking a 7.05% increase, reaching $101.91 per barrel by 01:04 GMT, after having dropped 0.75% in Friday’s session.
The US West Texas Intermediate rose $7.59, or 7.86%, to $104.16 per barrel, bouncing back from a 1.33% decline in the prior trading session.
Earlier, US Central Command (CENTCOM) forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on April 13 at 10 am ET (5pm Pakistan Standard Time), in accordance with the President Donald Trump’s proclamation.
The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman.
CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.
