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A fragile truce between the United States and Iran came under severe pressure on Friday after Iranian forces launched attacks on three American destroyers in the Strait of Hormuz, triggering US retaliatory strikes on Iranian military targets and raising fresh fears that weeks of painstaking diplomacy could unravel. Despite the exchanges of fire, US…
Nigerian petrol prices are climbing toward N1,400 per litre as a naval standoff in the Middle East chokes global supply. The failed ceasefire between the United States and Iran has kept the Strait of Hormuz closed, driving Brent crude from $105 to $118 per barrel in 48 hours. This volatility forced the Dangote Petroleum Refinery…
Rising energy costs and fractured supply chains are threatening to derail Japan’s fragile economic recovery. In its quarterly report released on April 6, the Bank of Japan (BOJ) warned that the war in the Middle East is beginning to squeeze regional businesses. Policymakers noted that while the domestic economy remains resilient, the closure of the…
Nigerian households face a fresh economic squeeze as the price of Liquefied Petroleum Gas (LPG) jumped 14.3% this month. A kilogramme of cooking gas now retails for N1,500 in many locations, up from N1,300 just weeks ago. This retail spike mirrors a sharp rise in the wholesale market, where the ex-depot price for 20 metric…
Global energy markets are reeling as the Middle East conflict enters a volatile new phase. Crude oil prices surged by nearly 6% on Thursday, climbing to $108.3 per barrel after Iran dismissed a 15-point US peace proposal. Tehran labelled the plan “unfair” and “skewed” toward American and Israeli interests. The rejection abruptly reversed a brief…
Fresh tensions in the Middle East have pushed global energy markets into uncertainty, as United States President Donald Trump publicly declared that Israel would not carry out further strikes on Iran’s key gas infrastructure, while warning of severe consequences if hostilities continue. The statement followed a sharp escalation involving Iran, Israel, and Gulf energy…
South Africa, Ghana, and Kenya have approached the Dangote Petroleum Refinery to secure emergency fuel contracts as the Middle East energy crisis threatens continental supplies. Bloomberg reported on Friday, 20 March 2026, that Pretoria is seeking a 12-month supply deal to insulate its economy from the fallout of the Iran-Israel conflict. The 650,000-barrel-per-day facility in…
The Nigeria Labour Congress has called on the Federal Government to deploy projected oil revenue windfall from the ongoing Middle East crisis to protect Nigerian workers and citizens from the economic impact of petrol prices that have surged to between N1,170 and N1,300 per litre across the country. In a statement issued Thursday by…
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that the country’s ongoing macroeconomic reforms have fortified the economy against potential shocks from escalating geopolitical tensions in the Middle East, particularly the evolving crisis involving the United States, Israel and Iran. Cardoso made the assertion on Wednesday while delivering a Distinguished…
The United States government has issued a security alert to its citizens in Nigeria as military hostilities between Washington and Tehran escalate sharply. In a statement on Monday, US authorities warned Americans abroad to remain vigilant in the wake of ongoing combat operations involving Iran. “Following the launch of US combat operations in Iran,…
