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Global crude prices tumbled as traders weighed erratic diplomatic signals regarding a potential peace deal to end the US-Israel war on Iran. Brent crude fell 5 percent on Sunday to stand at $98.47 a barrel for July futures. This represents a 9 percent drop over the past month. Despite the decline, global prices remain more…
The United Nations has cut its global economic growth projections, warning that the war in the Middle East threatens to derail international trade and commodity markets. UN economists now forecast global gross domestic product to expand by 2.5 percent this year. A slightly better performance of 2.8 percent is pencilled in for next year. The…
Donald Trump has dismissed Iran’s latest peace proposal as “totally unacceptable,” pushing the Middle East back toward open warfare. Writing on his Truth Social platform, the US president gave no specifics about the counteroffer but made his disdain clear. This rejection follows weeks of Pakistani-mediated talks aimed at ending the war that began on 28…
Iran has begun reaping cash from its stranglehold on the Strait of Hormuz, with a senior parliamentary official confirming on Thursday that the first toll fees imposed on commercial shipping have been deposited into the country’s Central Bank. “The first revenue received from the Strait of Hormuz tolls was deposited into the Central Bank…
Nigeria’s fiscal prospects have brightened as the price of its premium crude grades, Brass River and Qua Iboe, soared to $113 per barrel on Thursday. This valuation places Nigerian oil significantly above the international Brent benchmark, which currently trades at $96 per barrel. The surge coincides with a jump in domestic production, which has reached…
Pope Leo XIV has declared a “moral obligation” to shield Lebanese civilians as diplomatic efforts to end the Middle East war falter. His appeal follows a collapsed summit between Iran and the United States in Pakistan. The 70-year-old pontiff spoke to crowds at St Peter’s Square during a period of escalating regional bloodshed. He insisted…
Consumer prices in the United States climbed sharply in March, driven by a historic surge in gasoline costs triggered by the ongoing conflict in the Middle East, according to government data released Wednesday. The US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 3.3 percent year-on-year in March, a…
Global oil price hikes could drive Nigeria’s headline inflation up by 3.1 percentage points as the Middle East conflict continues to batter energy markets. In its latest Nigeria Development Update, the World Bank warned that the conflict has pushed crude prices to $80 per barrel, a 31% increase since hostilities began. This surge is already…
Israeli air defences intercepted multiple waves of Iranian missile fire early Thursday, with at least two attacks occurring shortly after United States President Donald Trump delivered a primetime address on the ongoing Middle East war, the Israel Defense Forces (IDF) confirmed. Police reported that officers were called to “several” impact sites in central Israel following…
The American dollar surged on Monday as investors abandoned riskier assets following a sharp escalation in the conflict between Israel, the United States, and Iran. Demand for safe-haven assets rose after hopes for a weekend de-escalation evaporated, amid fresh threats of infrastructure strikes. The dollar index climbed 0.29% to 99.83, reversing a brief period of…
