Global oil prices fell by around 3% after some vessels successfully transited the strategically vital Strait of Hormuz, easing immediate supply concerns despite ongoing geopolitical tensions.

Brent crude dropped $2.93 (2.8%) to settle at $100.21 per barrel, while U.S. West Texas Intermediate (WTI) fell more sharply by $5.21 (5.3%) to $93.50 per barrel.

The decline comes after recent surges that pushed both benchmarks up nearly 40% since military strikes by the United States and Israel on Iran in late February.

Analysts attributed the sharper drop in U.S. crude to strong domestic production, additional supply linked to Venezuela, and expectations of further releases from the U.S. Strategic Petroleum Reserve. Traders also adjusted positions ahead of the expiry of the April WTI contract on the New York Mercantile Exchange.

Despite partial shipping activity, tensions remain high. Donald Trump reiterated calls for international support to secure the waterway, though allies have shown limited willingness to participate. Meanwhile, the European Union has indicated no immediate plans to expand naval operations in the region, according to foreign policy chief Kaja Kallas.

The International Energy Agency signaled it could release additional reserves if needed, following last week’s record decision to inject 400 million barrels into global markets. Executive Director Fatih Birol said further action would depend on how the conflict evolves.

The Strait of Hormuz remains a crucial global energy route, responsible for roughly one-fifth of the world’s oil and liquefied natural gas shipments, making any disruption a major concern for international markets.

Meanwhile, developments on the ground continue to impact supply chains. The Abu Dhabi National Oil Company temporarily suspended some crude loading operations in the United Arab Emirates following a drone attack, although partial operations have since resumed at key terminals.

As the conflict continues, governments worldwide are monitoring energy markets closely, weighing measures to stabilize prices and protect consumers from rising fuel costs.

WAPDA is offering a paid internship programme across Pakistan for fresh graduates seeking professional experience and skill development. This initiative allows young talent to work alongside experienced professionals, gain exposure to workplace dynamics, and learn practical skills and ethics in a structured environment.

The programme includes 50 internship positions in multiple disciplines, including Electrical/Electronic and Mechanical Engineering, Civil Engineering, Geological Engineering, Computer Sciences/IT, Finance and Accounting, Human Resource Management, and Mass Communications. Interns will receive a stipend of Rs. 20,000 per month for an eight-week period. Eligible candidates must be recent graduates with a maximum of three years since graduation, not older than 26, and have a minimum CGPA of 2.8.

Seats are allocated with 40 percent open quota and 60 percent provincial quota, distributed across Punjab, Sindh, Khyber Pakhtunkhwa, Gilgit Baltistan, Balochistan, Azad Kashmir, and Ex-FATA. Applicants must submit all educational documents, transcripts, CNIC, domicile, CV, two passport-size photos, and a police verification form.

Applications must be submitted online via WAPDA’s official website by 29 March 2026. Incomplete or late applications will be rejected, and hand submission is not accepted. Only shortlisted candidates will be invited for interviews, with no TA/DA provided. A working bank account in the applicant’s name is required.

Candidates should be graduates from HEC-recognized universities or boards, and original documents must be presented at the interview. Completion of the internship does not guarantee employment, and WAPDA reserves the right to cancel applications at its discretion.

For more information, candidates can contact the Office of PSO-Chairman WAPDA at 042-99202211 Ext. 2688 or 042-99204082 during office hours. The office is located at Room No. 735, WAPDA House, Lahore.

OpenAI has released two new AI models, GPT-5.4 mini and GPT-5.4 nano, following the launch of GPT-5.4 earlier this month, which was primarily aimed at professional use cases like programming and data analysis. GPT-5.4 mini is now available to Free and Go plan users in ChatGPT, accessible through the “Thinking” option in the interface menu.

For paid users, GPT-5.4 mini acts as a fallback option when usage limits for the full GPT-5.4 model are reached. OpenAI stated that GPT-5.4 mini offers significant improvements over GPT-5.0 mini, including enhanced reasoning, multimodal understanding, and better tool usage. It can process non-text inputs such as images and audio more effectively and demonstrates improved performance in tasks like web search.

The company also highlighted that GPT-5.4 mini operates at more than twice the speed of its predecessor, making it faster and more efficient for general usage. This makes the model suitable for a wider audience, including casual users who want access to advanced AI capabilities without subscription costs.

In addition to GPT-5.4 mini, OpenAI introduced GPT-5.4 nano, designed for tasks prioritizing speed and cost efficiency, such as data classification and information extraction. Unlike the mini version, GPT-5.4 nano is not available in ChatGPT and is offered exclusively through OpenAI’s API for developers.

Developers can use GPT-5.4 nano to assign tasks to AI agents powered by the model, benefiting from its speed and efficiency. OpenAI has priced GPT-5.4 nano starting at $0.20 per million input tokens, making it a cost-effective option for large-scale or automated data processing tasks.

Overall, these new models expand access to OpenAI’s latest AI capabilities, offering Free users faster and more capable tools while providing developers with flexible options for efficient AI deployment.

The National Bank of Pakistan is inviting applications for multiple positions at its Karachi branch, focusing on compliance, regulatory advisory, transaction monitoring, and anti-money laundering functions. These roles aim to strengthen the bank’s risk management framework and ensure adherence to national and international regulations.

Candidates for the Unit Head of Transaction Monitoring Unit (AVP/VP) must hold a minimum graduation or equivalent and preferably have professional certifications such as CAMS. Applicants should have over six years of experience in transaction monitoring or AML, with strong analytical and interpersonal skills, knowledge of banking regulations, and expertise in fraud detection and reporting. Responsibilities include overseeing AML investigations, ensuring regulatory compliance, managing teams, reviewing reports, and coordinating with regulators.

The Unit Head for Regulatory Advisory (OG-I) requires a minimum of graduation, with a master’s degree preferred, and at least five years of experience in banking, AML, CFT laws, and regulatory advisory. Candidates should possess strong advisory and communication skills and be familiar with local and international compliance standards. The role involves providing regulatory guidance, ensuring compliance with SECP, SBP, FATF, and CFT regulations, and liaising with relevant stakeholders.

AML Analyst positions (OG-II / IG-II) are open to graduates with professional certifications preferred and a minimum of three years of experience in AML or compliance. Applicants should have expertise in banking regulations, AML software, transaction monitoring, investigation, reporting, and analytical skills. Duties include monitoring daily transactions, reviewing suspicious activity, escalating cases, and supporting internal audits.

Compliance Monitoring Officer roles (OG-III / OG-II) require graduates with at least two years of experience in compliance or AML, strong analytical and communication skills, and the ability to identify and manage compliance risks. Responsibilities include evaluating internal controls, reporting findings, monitoring risk, and assisting with audits to ensure adherence to regulatory frameworks.

Eligible candidates will be invited for tests and interviews, with employment offered on a three-year contractual basis subject to renewal. Interested applicants must apply through the designated application portal within ten working days of the publication date. The National Bank of Pakistan is an equal opportunity employer and encourages applications from all qualified individuals regardless of gender, religion, or disability.

The Federal Board of Revenue (FBR) has introduced new rules under SRO 520(I)/2026 requiring exporters under the Export Facilitation Scheme (EFS) to submit a reconciliation statement every six months to customs authorities. The updated framework aims to enhance transparency and monitoring of duty-free input usage.

Exporters must provide detailed reports on input goods, exports, domestic sales, value addition, and wastage within 30 days after each six-month period. This measure is intended to ensure accurate tracking of resources and prevent misuse of the scheme.

The revised rules also allow exporters to import additional duty-free inputs if previous inputs have been fully utilized in exported products, subject to limits set under existing customs regulations. Consistency in product descriptions and tariff classifications with previously approved input-output ratios remains mandatory, and benefits will not apply if approvals from relevant authorities are pending.

To strengthen compliance, the FBR has introduced a mechanism for appeals. Exporters can challenge regulatory collector decisions within 30 days, with resolutions expected within 20 days.

The new regulations are part of the government’s broader effort to improve oversight of export operations and ensure that duty-free incentives are used correctly. Analysts expect that stricter reporting requirements will increase accountability among exporters and reduce potential losses in revenue.

By enforcing these rules, the FBR aims to maintain a balance between supporting export growth and safeguarding public finances, ensuring that the Export Facilitation Scheme operates efficiently and transparently.