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Iran has delivered its formal response to a US peace proposal through Pakistani mediators. While the contents remain secret, the exchange marks the first significant diplomatic movement since the conflict began in February. President Masoud Pezeshkian insists that negotiation does not signal surrender. He maintains that Tehran acts only to defend national interests and sovereign…
The fragile ceasefire between Iran and the American-Israeli coalition is buckling under fresh naval skirmishes. Iranian Foreign Minister Abbas Araghchi claims Washington prefers “reckless military adventure” over the diplomatic deals currently on the table. Both sides exchanged heavy fire in the Strait of Hormuz this week while accusing the other of starting the fight. Despite…
Oil prices fell on Wednesday as Donald Trump signaled a possible deal with Iran. Brent crude dropped 1.7% to $108 a barrel, while American crude fell to $100.60. This shift reversed a week of gains caused by fighting in the Middle East. Markets moved after the White House paused “Project Freedom,” a military plan to…
Oil markets remain unimpressed by Donald Trump’s latest attempt to play maritime saviour. The United States President announced “Project Freedom” on Sunday, promising to guide stranded vessels out of the Strait of Hormuz. Brent crude reacted with a yawn, hovering flat at $108.11 on Monday morning. Traders see the plan as a hollow gesture that…
Nigeria has pledged its total commitment to OPEC and the OPEC+ alliance. This move follows the departure of the United Arab Emirates (UAE) from the oil cartel on 1 May 2026. Officials in Abuja spent Friday insisting that collective action remains the best way to handle market volatility. They claim that the Declaration of Cooperation…
Nigeria’s domestic aviation sector remains under pressure as airlines continue operations despite renewed threats of a shutdown over rising jet fuel costs, highlighting deep tensions between global oil shocks and local pricing realities. Carriers under the Airline Operators of Nigeria had warned of a possible suspension of services, yet flight data shows key…
Global oil prices climbed sharply on Monday, with Brent crude rising by 2% to reach $109.33 per barrel. US-traded crude also saw a 2% gain, settling at $96.78. This upward momentum follows the continued closure of the Strait of Hormuz, a critical maritime chokepoint that handles approximately one-fifth of global oil and liquefied natural gas…
Oil prices spiked on Monday after Iran closed the Strait of Hormuz, reversing a brief reopening of the vital waterway. This escalation follows a US-led blockade of Iranian ports and the seizure of an Iranian vessel by an American destroyer. Tehran now threatens to target any ship attempting to bypass its restrictions. The move casts…
Global oil prices tumbled on Friday after Iran declared the Strait of Hormuz open to commercial shipping. The cost of Brent crude dropped to $88 a barrel from a peak of $98 earlier in the day. Markets reacted with optimism as the bottleneck for one fifth of the world’s oil supply appeared to loosen. This…
Nigeria’s headline inflation rate rose to 15.38 per cent in March 2026, snapping a year-long easing trend and signalling renewed pressure on household budgets across the country. The National Bureau of Statistics disclosed the figures in its Consumer Price Index report released on Wednesday. The increase marks the first time the headline inflation rate…
