Oil Crisis: Planned Ceasefire in Iran-USA Conflict
Amid tensions between Iran and the USA over the Strait of Hormuz, Pakistan is planning a ceasefire agreement that has already been submitted to both countries and could take effect on Monday. Iran's closure of the strait threatens trade in approximately 20% of the world's oil and LNG. Saudi Arabia's Aramco is raising premiums on Arab Light crude oil to record levels, while Brent oil is trading at 109.7 dollars. France and Great Britain are seeking alternatives to a military solution.