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NAHCO’s revenue hits ₦65.82bn as profit soars 36% despite

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featured Oil and Gas

US-Israel-Iran war leaves Africa with weeks of fuel reserves — Report

The escalating conflict in the Middle East, particularly the war involving Iran, has severely disrupted global energy shipments through the Strait of Hormuz, placing Africa’s fuel supply chain under intense pressure. Many African countries are now operating with only weeks of refined petroleum products in reserve as traditional import routes face major constraints. The International […]

featured Oil and Gas

Oil prices surge past $100pb as Iran targets crude-producing neighbours

Oil prices surged again on Tuesday following fresh Iranian attacks on crude-producing neighbours, targeting vital energy infrastructure and raising serious fears of widespread global supply disruptions. International benchmark Brent North Sea crude rose 2.0 per cent to $102.16 per barrel. The main US oil contract, West Texas Intermediate, gained 1.7 per cent to $95.08 per […]

World

Iran war: Europe rejects Trump’s call for Hormuz naval help

European leaders have rejected demands by the United States President, Donald Trump, for help to clear the Strait of Hormuz. This came as foreign ministers from the European Union gathered in Brussels yesterday to discuss skyrocketing oil prices from the US-Israeli war on Iran. The pushback followed Trump’s call on the UK, China, France, Japan, […]

Oil and Gas

US-Israel-Iran war chokes Hormuz, strains global oil supply — Report

The war in Iran has transformed the Strait of Hormuz into a critical choke point where a single misstep could disrupt economies worldwide. Iran’s threats against oil tankers passing through the Strait of Hormuz—a vital route carrying about 20 per cent of global oil exports in peacetime—have compelled regional countries to pursue alternative export paths. […]

Economy

China’s economy starts 2026 strongly amid US-Israel-Iran war risks

China’s economy kicked off 2026 on a stronger note, with factory output accelerating and gains in retail sales and investment providing early positive signals to policymakers. This comes amid heightened global uncertainty from the ongoing Iran–Israel War 2026, which involves the United States, Israel, and Iran following U.S.-Israeli airstrikes that began on February 28. The […]

Oil and Gas

Middle East war drives oil prices to new highs

Oil prices kept rising as markets opened Sunday, with both benchmarks higher as the war in the Middle East disrupts global supplies. At around 0015 GMT, the United States benchmark West Texas Intermediate was up 0.01 per cent at $98.72 a barrel, while the price of Brent, the international benchmark for oil, was up 0.6 […]

Opinion

Middle East war could fetch Nigeria ₦30trn oil windfall — NESG

The Nigerian Economic Summit Group has projected that Nigeria could earn as much as N30 trillion in additional oil revenue if global crude prices remain elevated due to escalating geopolitical tensions in the Middle East. In a policy brief titled “Boom, Not Gloom,” the private sector policy advocacy group noted that the recent conflict involving […]

Oil and Gas

Oil soars above $100pb as Iran blocks Hormuz strait

Oil prices surged past $100 per barrel while global stock markets deepened their declines after Iran’s new supreme leader ordered the closure of the Strait of Hormuz. Concerns over a prolonged conflict persisted as United States President Donald Trump stated that stopping the Islamic republic’s “evil empire” was more important than crude prices. Global markets […]

featured Oil and Gas

Iran threatens Hormuz blockade, oil to hit $200/barrel amid war

Iran has threatened to block all oil shipments through the Strait of Hormuz. It warned global markets to prepare for crude prices reaching $200 per barrel as the Middle East conflict intensifies with no end in sight. Ebrahim Zolfaqari, spokesperson for Tehran’s Khatam al-Anbiya military command headquarters, issued the warning on Wednesday. He declared that […]

Agribusiness

Dangote fertiliser demand surges amid Iran war disruption

Demand for Dangote fertiliser has surged in recent times due to disruptions in global supplies caused by the ongoing United States–Israel conflict with Iran, according to a Bloomberg report. The report quoted Devakumar Edwin, vice president of Dangote Industries Limited. “Demand has gone up substantially due to the shortage in the global market,” Edwin told […]

Oil and Gas

UAE’s giant refinery shut over Middle East war

One of the world’s largest refineries, the Ruwais facility in the UAE, has been shut down as a precautionary measure following a nearby drone attack that sparked a fire in the industrial complex. A source familiar with the situation stated: “The Ruwais refinery has halted operations out of precaution,” while requesting anonymity due to the […]

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