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Oil and Gas

Oil prices surge Tuesday after fresh US strikes on Iran

Oil prices jumped again on Tuesday after fresh United States strikes against Iran that marked a new escalation in hostilities that has fuelled fears over their already fragile truce and the chances of another spike in inflation. However, tech firms enjoyed a much-needed reprieve after the latest bout of selling, although they only managed to […]

featured News

Strait of Hormuz closed until further notice — Iran

Iran has closed the Strait of Hormuz until further notice. The closure will remain in effect until further notice, according to Iranian authorities. Iran has warned that any attempt by the United States to challenge the decision would trigger a “severe” military response. The Islamic Revolutionary Guard Corps announced the closure on Sunday. The IRGC […]

News

US military needs $80bn for Iran war — Report

The United States Defence Department will ask Congress to approve around $80 billion to cover costs from the Iran war and other expenses, the Wall Street Journal reported Thursday. President Donald Trump has faced backlash from Americans who accuse him of pouring billions of taxpayer dollars into the Middle East conflict while oil prices and […]

featured Oil and Gas

Oil prices hit lowest since US-Iran war

Oil prices fell sharply on Thursday, dropping to their lowest levels since the outbreak of the US-Iran conflict, as an interim agreement between the United States and Iran improved prospects for global crude supply According to Reuters, Brent crude futures declined by $1.53, or 1.9 per cent, to $78.02 per barrel as of 1326 GMT, […]

featured Oil and Gas

Oil prices slide below $80 on US-Iran peace hopes

Global oil prices extended their decline on Tuesday, falling to their lowest levels in about three months as investors reacted positively to expectations that the Strait of Hormuz could soon reopen following a peace agreement between the United States and Iran. Brent North Sea crude, the international benchmark for oil prices, dropped by 3.8 per […]

Oil and Gas

Oil prices fall as US-Iran deal reopens Hormuz Strait

Oil prices fell sharply on Monday while global equities rallied after the United States and Iran announced a deal to end their conflict and reopen the Strait of Hormuz, easing fears of supply disruptions. According to AFP, the two countries confirmed the agreement following a mediation effort by Pakistan, with a formal signing ceremony expected […]

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BREAKING: Trump vows to hit Iran ‘very hard tonight’, takeover oil markets

United States President Donald J. Trump has declared that American forces will strike Iran “VERY HARD TONIGHT,” claiming the Islamic Republic’s navy, air force, radar, anti-aircraft systems and most offensive capabilities “are GONE!” In the same statement, he outlined a longer-term plan to take control of Kharg Island and other key oil infrastructure points, thereby […]

Ports and Airports

NSC blames Middle East crisis for Apapa port gridlock return

The Nigerian Shippers’ Council has attributed the resurgence of traffic congestion and operational hiccups along the Apapa port corridor to disruptions in the global supply chain triggered by the ongoing Middle East crisis. The Council’s position comes amid growing concerns by stakeholders over the return of gridlock on the Mile 2-Apapa Expressway, where truck queues, […]

Economy featured

Gold prices crash to two-month low amid US-Iran war

Spot gold has fallen to a two-month low, testing a significant technical floor at its 200-day Simple Moving Average. A clear break below this $4,395–$4,400 structural zone could reveal more declines toward earlier consolidation pockets. Gold has dropped about two per cent to 3.5 per cent in Naira terms over the past month, reflecting the […]

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