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Strait of Hormuz

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new africa

Bonny Light hits 80 as US Israel strikes on Iran rattle oil markets

Nigeria’s Bonny Light crude has climbed to around 80 dollars per barrel as United States and Israeli strikes on Iran deepen tensions and disrupt energy trade routes. The price spike follows days of gains driven by fears that fighting involving Iran, a key Gulf producer, could choke shipments through the Strait of Hormuz, which handles about 20 percent of global oil flows. Traders and analysts said many tanker owners, oil majors and commodity houses have reduced or suspended movements of crude, fuel and liquefied natural gas through the narrow waterway, increasing demand for alternative grades like Bonny Light. Bonny Light, prized for its low sulphur content and suitability for gasoline and jet fuel production, has benefitted as buyers seek supplies less exposed to direct Gulf risks. The surge comes against the backdrop of Nigeria’s 2026 budget, which is benchmarked at […]

Abdulmumini Auwal SA March 2, 2026

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international

US warns Iran as Trump weighs strike options

The White House has warned that Iran would be “very wise” to reach an agreement with the United States, as reports indicate that Donald Trump is reviewing potential military options against the Islamic Republic. Press secretary Karoline Leavitt said the president still prefers a diplomatic solution to the dispute over Tehran’s nuclear programme. However, she acknowledged that arguments for military action are under consideration, noting that discussions within the administration remain ongoing and fluid. US media outlets, including CBS News, reported that Trump has discussed possible strike scenarios with advisers and has not yet made a final decision. Sources cited in the reports suggested that action could be taken in the coming days if negotiations stall. The developments come as Washington strengthens its military presence in the region. Satellite imagery confirmed the deployment of the aircraft carrier USS Abraham Lincoln […]

Abubakar February 19, 2026

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international

Oil prices climb as Trump steps up threats against Iran

Global oil prices have risen again after US President Donald Trump intensified threats against Iran, fuelling fears of supply disruptions from the major crude producer. The latest gains come as US and Iranian officials hold sensitive talks on Tehran’s nuclear programme in Geneva. On Tuesday, US benchmark West Texas Intermediate climbed by around 1.5 per cent, while Brent North Sea crude also ticked higher in early trading. Late last month, Brent had already pushed above 70 dollars per barrel for the first time since July, with WTI moving past 65 dollars, as tensions escalated. The rally has been driven by a series of public warnings from Trump, who has repeatedly told Iran to accept a new nuclear deal or face military strikes. He boasted that a “massive armada” led by the USS Abraham Lincoln carrier strike group was heading towards […]

Abdulmumini Auwal SA February 17, 2026

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international

Iran army chief warns US, Israel against attack, says forces on high alert

Iran’s army chief, Major General Amir Hatami, has warned the United States and Israel that any military attack on his country would endanger their own security and that of the wider region. He said Iran’s armed forces are on full defensive and military readiness following heavy US deployments in the Gulf. Hatami cautioned that if “the enemy makes a mistake,” it will threaten the security of the US, the Middle East and what he called the Zionist regime. His comments came after Washington sent a naval strike group led by the aircraft carrier USS Abraham Lincoln to the region, amid US threats to intervene following a deadly crackdown on anti government protests in Iran. Iran has repeatedly warned it would respond to any attack with missile strikes on US bases, ships and allies, including Israel. On Friday, President Donald Trump […]

Abdulmumini Auwal SA January 31, 2026

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USA

Strait of Hormuz at Risk: What If Iran Closes the Global Oil Corridor?

What’s the Strait of Hormuz—and Why It Matters? A narrow 21–33 km passage between Iran and Oman, the Strait of Hormuz links the Persian Gulf to the Gulf of Oman—serving as the single largest marine oil export route, carrying about 20 million barrels per day (≈ 20% of global seaborne oil and ~25% of LNG). Nations like Saudi Arabia, UAE, Kuwait, Iraq, Qatar, and especially Iran rely on this corridor for energy exports. What If Iran Closes the Strait? 1. Oil Prices Skyrocket Analysts warn Brent crude could surge above $100–150/barrel, potentially triggering a global inflation shock . Even speculation could lift prices by $4–5/barel, moving Brent past $80—up from ~$77 before recent strikes. 2. Global Economic Fallout Increased fuel prices drive up inflation, shipping costs, and squeeze developing economies. Central banks like the U.S. Fed may delay rate cuts, slowing economic […]

Ahmad June 23, 2025

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General

Iran Holds World Hostage” – Fears Rise Over Strait of Hormuz Closure After US Strikes

Supertankers Change Course Amid Fear of Hormuz Closure Fears are growing that Iran may close the Strait of Hormuz , a major global oil route, in response to recent U.S. airstrikes on Iranian nuclear facilities . This uncertainty has already caused movement in global shipping lanes. Tracking data shows three large tankers—Marie C , Red Ruby , and Kohzan Maru —have diverted from their original paths or dropped anchor near UAE waters , signaling caution among operators. The Strait of Hormuz carries about 20% of the world’s oil supply , making any disruption there a global concern. Iranian Threats Raise Alarms Across the Industry Iranian leaders have issued strong statements since the U.S. attack, warning of consequences that could affect global energy markets. This includes the possibility of shutting down the Strait of Hormuz , which would immediately send oil […]

Ahmad June 23, 2025

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Finance

Nigeria’s Oil Grades Near $80 as Israel-Iran Tensions Escalate

Nigerian Oil Hits Near-$80 Mark Amid Middle East Tensions Nigeria’s main crude oil grades—Bonny Light and Escravos Light —are now trading close to the key $80 per barrel level. This rise follows growing fears over a potential escalation in the conflict between Israel and Iran . On Friday, Brent crude futures surged nearly 8% , fueled by concerns about regional instability after Iran vowed to retaliate for recent attacks by Israel. This market movement has directly affected Nigerian crude, with both Brass River and Qua Iboe nearing the $80 mark. According to data from OilPrice.com , Brass River is currently trading at $77.09/barrel , up $5.24 (7.29%) , while Qua Iboe stands at $77.14/barrel , also up $5.24 (7.29%) . Though this price jump offers some relief to Nigeria’s strained budget, it highlights how vulnerable the country remains to global […]

Ahmad June 13, 2025

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