Crude tanker carrying petrol arrives at Port Qasim, Karachi

KARACHI: A crude oil tanker carrying petrol arrived at Port Qasim in Karachi, Pakistan, officials confirmed on Wednesday.

The vessel, named Corallo One, is carrying approximately 37,085 tonnes of petrol and is currently anchored at the outer anchorage of Port Qasim.

Over the past 24 hours, Port Qasim handled significant cargo activity. Around 34,296 metric tonnes of imported cargo and 3,158 metric tonnes of exported cargo were processed.

A total of 13 ships, including the petrol tanker, are currently anchored at the port. These vessels are transporting a wide range of goods such as soybeans, coal, chemicals, coke, steel coils, and petrol.

Notably, four large soybean vessels have also arrived, bringing in over 100,000 tonnes of soybeans. These imports are expected to support the country’s energy, industrial, and food sectors.

Meanwhile, in the international market oil fell below $100 per barrel on Wednesday after ‌US President Donald Trump said he had agreed to a two-week ceasefire with Iran that was subject to the immediate and safe reopening of the Strait of Hormuz.

Brent fell $14.84, or 13.6%, to $94.43 a barrel and WTI slid $16.13, ​or 14.3%, to $96.82 a barrel as of 0023 GMT.

Trump’s turnaround came shortly before his ​deadline for Iran to open the Strait of Hormuz, where 20% of ⁠the world’s oil transits, or face widespread attacks on its civilian infrastructure.

“This will be a ​double sided CEASEFIRE!” he wrote on social media, after posting earlier on Tuesday that “a whole ​civilization will die tonight” if his demands were not met.

Iran said it would halt its attacks if attacks against it stopped and that safe transit through the Strait of Hormuz would be possible for two weeks in ​coordination with Iranian armed forces, according to a statement by Foreign Minister Abbas Araqchi ​on Wednesday.

However, multiple Gulf states have identified missile launches and drone attacks or issued warnings to civilians to take shelter.