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Iran on Monday issued sweeping threats to deploy naval mines across the Gulf and strike power infrastructure throughout the Middle East, defying a United States ultimatum to reopen the Strait of Hormuz as the military confrontation with Washington and Israel entered its fourth week. The Islamic Republic showed no sign of backing down ahead…
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…
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…
Global oil prices surged by 10 percent on Thursday following confirmation from Qatar that Iranian strikes had caused extensive damage to the Ras Laffan liquefied natural gas facility, the world’s largest LNG hub, intensifying concerns over the security of energy supplies in an already volatile Middle East. European gas prices recorded a steeper climb…
The Nigerian Naira sustained a stable performance against the United States Dollar on Thursday, maintaining its position within a narrow trading band as the foreign exchange market continues to benefit from surging global crude oil prices and a historic accumulation of external reserves that has reached levels unseen in over a decade. Data from…
Nigeria has been classified among 31 African countries requiring external food assistance as global food insecurity deepens amid rising oil prices and the escalating Middle East conflict, according to assessments released by the United Nations Food and Agriculture Organisation and the World Food Programme. The World Food Programme warned on Tuesday that approximately 10.4…
Israel launched coordinated strikes on Tehran and Beirut on Tuesday while attacks in Baghdad drew Iraq further into a widening Middle East conflict that has triggered severe economic disruption across global markets and displaced millions across the region. The Iranian capital, subjected to near-daily bombardment since a joint United States-Israeli military offensive began on…
United States President Donald Trump has issued a stark warning that the North Atlantic Treaty Organization faces a “very bad” future if European allies refuse to contribute military resources toward reopening the Strait of Hormuz, the strategic waterway effectively closed by Iran during the escalating Mideast conflict. Speaking to The Financial Times in a…
Japan has commenced the release of its strategic petroleum reserves in response to a coordinated global effort by International Energy Agency member states to stabilize oil markets following price surges triggered by escalating conflict in the Middle East. The Japanese government confirmed the drawdown on Monday through an official notice published in the government…
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…
