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US–Iran crisis: Nigerian crude nears $120

Escalating tensions between the United States and Iran have driven Nigerian crude oil prices close to $120 per barrel, as global markets react to supply fears around the Strait of Hormuz. Data cited from the Central Bank of Nigeria show that Bonny Light, Nigeria’s flagship crude grade, recently traded around $117 per barrel, up sharply from earlier in the year. Analysts say the US–Iran war and Iran’s move to restrict traffic through the Strait of Hormuz, a key route for about 20 per cent of the world’s oil and gas shipments, have fuelled the price spike. Nigeria has benefited from higher export receipts, with some reports estimating an oil revenue windfall running into several trillions of naira compared to budget benchmarks. However, the surge in crude prices is a double‑edged sword for the country, which still imports most of its […]

Abdulmumini Auwal SA May 19, 2026

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international

Five key facts about the US Iran talks in Pakistan

The United States and Iran are holding their highest level talks in years in Islamabad, Pakistan, in a bid to turn a fragile two week ceasefire into a lasting end to the war that has shaken global energy markets. The war behind the talksOn February 28, the US and Israel launched coordinated strikes that killed Iran’s Supreme Leader Ali Khamenei and hit key military and nuclear sites, with more than 2,000 people killed in five weeks. Tehran responded by effectively closing the Strait of Hormuz, a vital waterway through which about a fifth of global oil and gas passes, pushing energy prices higher and disrupting trade. On April 8, Pakistan brokered a two week ceasefire between Washington and Tehran, with Iran’s Supreme National Security Council saying the talks could last up to 15 days and the truce expected to expire […]

Abdulmumini Auwal SA April 10, 2026

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international

UK, allies working on Hormuz plan but rule out NATO mission, says Starmer

British Prime Minister Keir Starmer says the UK is working with allies on a “viable” plan to reopen the Strait of Hormuz but has ruled out any NATO led mission.​He said the goal is to restore freedom of navigation in the vital oil route without dragging Britain into a wider Middle East war.​ Speaking at a Downing Street press conference, Starmer revealed he had discussed the crisis with US President Donald Trump and several European leaders.​He explained that the UK is coordinating with European partners, Gulf countries and the United States on a collective response.​ Starmer stressed that any operation to secure shipping lanes will not be under the NATO umbrella and has “never been envisioned” as a NATO mission.Instead, he said it would likely involve a broader coalition that includes regional partners most directly affected by Iran’s actions. Pressed […]

Abdulmumini Auwal SA March 16, 2026

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international

Iran warns against wider war as Trump urges allies to escort ships

Iran has warned foreign countries not to join a proposed naval coalition to escort oil tankers through the Strait of Hormuz, saying wider involvement could escalate the ongoing conflict into a broader war.The warning came after US President Donald Trump called on allies and major energy importers to send warships to protect vessels in the strategic waterway. In a phone call with French Foreign Minister Jean-Noel Barrot, Iranian Foreign Minister Abbas Araghchi urged France and other nations to refrain from any action that might expand the fighting.He cautioned that further militarisation of the Gulf could push the region toward a confrontation that would be difficult to control. Iran has previously said it is prepared for a prolonged conflict with the United States and Israel and warned that such a war could severely damage or even “destroy” the global economy.The country […]

Abdulmumini Auwal SA March 15, 2026

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international

US–Venezuela oil pact angers China, cools prices

Global oil prices slipped after President Donald Trump confirmed a deal for the United States to import up to 2 billion dollars worth of Venezuelan crude that had been blocked by sanctions.​The plan would redirect an estimated 30 to 50 million barrels of stranded Venezuelan oil to US refiners, boosting supply and easing market pressure.​ China, once Venezuela’s main oil customer, criticised the move as economic coercion and accused Washington of effectively hijacking cargoes previously tied to Chinese interests.​Analysts say the shift could undercut Chinese refiners that relied on discounted Venezuelan crude and weaken Beijing’s long standing energy relationship with Caracas.​ Trump has presented the deal as a win for American motorists and Venezuelans, arguing it will lower fuel costs while putting Caracas’ oil revenues under tighter US control.​Uncertainty remains over how long the arrangement will last and how it […]

Abdulmumini Auwal SA January 8, 2026

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