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featured Oil and Gas

Oil prices drop as Iran declares Strait of Hormuz ‘completely open’

Oil prices plunged Friday after Iran’s Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was “completely open” for commercial tankers and cargo ships during the US-Iran ceasefire. International benchmark Brent North Sea crude plunged 10 per cent to $89.11 a barrel, after earlier falling five percent on US-Iran peace deal hopes. The main […]

Opinion

China slams US Hormuz blockade as ‘dangerous, irresponsible’

China accused the United States on Tuesday of “dangerous and irresponsible” behaviour over its blockade of Iranian ports, with President Xi Jinping vowing Beijing would play a “constructive role” in promoting peace in the Middle East. US President Donald Trump has threatened to sink ships entering or leaving Iranian ports and coastal areas in the […]

Conferences featured

France, UK to convene global talks to reopen Hormuz

France and Britain will co-host a video conference on Friday with countries ready to contribute to a “purely defensive mission” to secure the Strait of Hormuz, the French president’s office said. President Emmanuel Macron and British Prime Minister Keir Starmer will co-chair the meeting to discuss a plan to “restore freedom of navigation in the […]

IATA welcomes CBN's release of $265m to airlines
Aviation

Jet fuel supply recovery to take months despite Hormuz reopening — IATA

Jet fuel supply recovery is expected to take months even if the Strait of Hormuz reopens, according to the International Air Transport Association. The disclosure was made by IATA Director-General, Willie Walsh, to reporters in Singapore, as reported by Reuters on Wednesday. The development follows a temporary ceasefire agreement between the United States and Iran, […]

featured Oil and Gas

Dangote slashes petrol price to ₦1,200/litre amid global oil crash

The Dangote Petroleum Refinery & Petrochemicals has slashed the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier increase amid a sharp drop in global crude oil prices triggered by geopolitical developments. The latest adjustment represents a N75 reduction from the previous price of about N1,275 per litre, which the […]

featured Oil and Gas

Iran opens Hormuz Strait after two-week ceasefire deal with US

Iranian Foreign Minister Abbas Araghchi has announced that safe passage through the Strait of Hormuz would be possible for two weeks, coordinated with Iran’s armed forces “and with due consideration of technical limitations.” The development follows U.S. President Donald Trump’s condition that the waterway be reopened as part of a ceasefire, coupled with his warning […]

World

US-Israel-Iran war: UK to meet 35 nations for Hormuz Strait reopening

Britain will this week hold a meeting of about 35 countries to discuss how to reopen the strategic Strait of Hormuz which has been crippled by the Middle East war, Prime Minister Keir Starmer announced Wednesday. United Kingdom Foreign Secretary Yvette Cooper will host the discussions, Starmer told reporters during a Downing Street press conference, […]

News

Trump orders five-day ceasefire on Iran energy sites amid talks

United States President Donald Trump announced on Monday that he had ordered a halt to threatened military strikes on Iranian energy infrastructure following productive discussions with Tehran. The announcement came amid an ongoing conflict in the Middle East, now in its fourth week, which has involved tensions over the Strait of Hormuz and attacks on […]

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