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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…
Global energy markets were upended on Monday as Brent crude prices jumped 8% to top $103 a barrel. The spike follows President Donald Trump’s announcement of a naval blockade targeting Iranian ports. Prices surged past the psychologically critical $100 mark shortly after ceasefire talks in Islamabad collapsed over the weekend. US Central Command confirmed the…
Nigeria’s equity market grew by N1.4 trillion last week as institutional demand for blue-chip stocks remained high. The total value of listed companies on the Nigerian Exchange reached N131.17 trillion by Friday. This rally pushed the All Share Index up by 1% to cross the 200,000-point milestone. Large-cap stocks in the banking and industrial sectors…
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…
Oil prices are flirting with a four-year high as OPEC+ struggles to bridge a massive supply chasm. Eight member nations agreed on Sunday to raise production quotas by a modest 206,000 barrels per day for May. The move is largely symbolic. Ongoing hostilities between Israel, the United States, and Iran have effectively choked the Strait…
Beijing has called for an immediate cessation of military hostilities in the Middle East following United States President Donald Trump’s threat to unleash devastating strikes on the Islamic republic in the coming weeks. Foreign Ministry spokeswoman Mao Ning told a regular press conference on Thursday that “military means cannot fundamentally solve the problem, and…
American motorists are now paying more than $4 per gallon at the pump for the first time in nearly four years, as the ongoing US-Israeli war against Iran continues to choke global energy supplies through the shutdown of the critical Strait of Hormuz. The American Automobile Association (AAA) confirmed that the national average…
Global oil prices dropped sharply and stock markets rallied on Wednesday after reports emerged that the United States had transmitted a peace proposal to Iran, while Tehran announced it would allow vessels it deemed non-hostile through the Strait of Hormuz, offering the first concrete signs that nearly four weeks of conflict could be winding…
