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Nigerian petrol prices are climbing toward N1,400 per litre as a naval standoff in the Middle East chokes global supply. The failed ceasefire between the United States and Iran has kept the Strait of Hormuz closed, driving Brent crude from $105 to $118 per barrel in 48 hours. This volatility forced the Dangote Petroleum Refinery…
The United States is assembling a global maritime coalition to break Iran’s grip on the Strait of Hormuz. Diplomats in Washington have issued an internal directive to embassies worldwide, urging foreign governments to join the “Maritime Freedom Construct.” This American-led bloc aims to restore commercial traffic through a waterway that handles 20% of the world’s…
The Iranian rial has plummeted to a record low of 1.81 million to the US dollar as a tightening US naval blockade cripples the nation’s economy. While the currency saw a brief, minor recovery from its intraday trough, the trajectory remains catastrophic. Just one year ago, the rial traded at roughly 811,000 per dollar. This…
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…
Global oil markets recorded sharp gains on Monday following the collapse of planned peace negotiations between the United States and Iran, prolonging an eight-week military standoff that continues to disrupt international shipping. US President Donald Trump abruptly cancelled a scheduled diplomatic mission to Pakistan over the weekend, citing a lack of substantial progress, while…
President Donald Trump abruptly cancelled a planned mission to Pakistan on Saturday, grounding envoys Jared Kushner and Steve Witkoff. The pair had been scheduled to open fresh peace negotiations with Iranian representatives. Mr. Trump dismissed the effort as a waste of time, claiming the current Iranian proposals lack substance. He insists that Washington holds the…
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…
The United States and Iran stand on the brink of renewed hostilities as the two-week ceasefire approaches its final hours. President Donald Trump has signalled a low probability of extending the truce, warning that “lots of bombs” will follow if negotiations fail. Vice President JD Vance is expected to depart for Islamabad to lead an…
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…
Iran’s Foreign Ministry declared Monday that Washington is not genuinely pursuing a diplomatic resolution to the weeks-long war, accusing the United States of repeated ceasefire violations that have undermined fragile truce efforts. Ministry spokesman Esmaeil Baqaei, speaking at a weekly press briefing in Tehran, said American actions “do not in any way indicate seriousness…
