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The Federal Competition and Consumer Protection Commission has accused operators in Nigeria’s downstream petroleum sector of possible consumer exploitation, warning that pump prices have refused to fall in step with a steep collapse in global crude oil prices. In a statement issued on Sunday by its Director of Corporate Affairs, Ondaje Ijagwu, the commission…
The United Nations has launched a massive operation to rescue more than 11,000 seafarers stranded in the Strait of Hormuz. The International Maritime Organisation announced the evacuation plan on Tuesday following a diplomatic breakthrough between Washington and Tehran. Heavily armed Iranian forces blocked the strategic chokepoint in late February, trapping hundreds of civilian vessels. The…
US Vice President JD Vance delayed his diplomatic mission to Switzerland following a surge in Israeli military operations inside southern Lebanon. The white-hot regional friction threatens to derail a newly minted memorandum of understanding aimed at ending the 112-day war between Washington and Tehran. Speaking from the White House, Vance aggressively defended the preliminary accord…
The United States and Iran have formally signed a memorandum of understanding aimed at ending months of war, but President Donald Trump made clear that military action remains on the table should Tehran fail to honour the terms. Both Trump and Iranian President Masoud Pezeshkian signed the agreement on Wednesday, June 17, 2026, with…
Global energy markets face immediate downward pressure after a breakthrough agreement in the Middle East. Brent crude plunged below the critical threshold of 80 dollars a barrel on Tuesday. Investors rapidly unloaded contracts following news of a diplomatic breakthrough between the United States and Iran. This sudden sell-off reflects a sharp drop in the geopolitical…
Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, the third straight monthly increase in the annual rate, as the organised private sector pinned the worsening trend on Middle East tensions, rising energy costs, insecurity and import bottlenecks. The Consumer Price Index report released by the National Bureau of Statistics on…
The United States and Iran have reached an agreement to end their war on all fronts, including Lebanon, and reopen the vital Strait of Hormuz, though the two sides offered little clarity on the thorny question of Tehran’s nuclear programme. Washington and Islamabad said the agreement would be signed on Friday in Switzerland, signalling a…
The World Bank could scale up financial support to as much as $100bn over the next 15 months to help developing countries withstand the economic fallout from the escalating crisis in the Middle East, the lender has announced, warning that the conflict risks pushing global growth to its weakest level since the COVID-19 pandemic….
Iranian diplomats have cast deep doubt over a proposed Washington peace deal. Tehran blames relentless Israeli military operations across Lebanon for freezing the delicate diplomatic track. The multi-front conflict has now entered its ninety-eighth day. United States mediators had initially reported significant progress toward a broad regional truce. However, the continuous bombardment of Beirut and…
American warplanes bombed targets in southern Iran on Monday as a delicate ceasefire proposal showed signs of unraveling. The Pentagon directed strikes against Iranian military sites in Qeshm and Goruk. This action followed a series of drone and missile threats to regional shipping channels. Meanwhile, Kuwaiti air defences intercepted several hostile missiles over the Gulf….
