NGN/USD 1,540.20 ↓ 0.4% BRENT CRUDE $82.14 ↑ 1.2% NGX INDEX 99,240.50 ↑ 0.1% INFLATION 33.95% ↑ 1.8% MPR 26.25% stable
NGN/USD 1,540.20 ↓ 0.4% BRENT CRUDE $82.14 ↑ 1.2% NGX INDEX 99,240.50 ↑ 0.1% INFLATION 33.95% ↑ 1.8% MPR 26.25% stable

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Oil prices tumble over 6% as US, Iran suspend hostilities

GLOBAL oil prices dropped sharply by more than 6 percent in early Asian trading on Monday after the United States and Iran paused military attacks, easing fears of an immediate disruption to crude supplies following two weeks of escalating tensions that had pushed Brent crude above $100 per barrel. As of the time of reporting, […]

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Jul 13, 2026 post

US imposes 20% ‘safe passage’ fee on ships using Strait of Hormuz

PRESIDENT Donald Trump has announced that the United States will impose a 20 percent ‘safe passage’ fee on ships transiting the Strait of Hormuz, saying the levy will fund efforts to secure one of the world’s most strategically important shipping lanes. In a post on Truth Social on Monday, Trump declared that the U.S. would […]

Jul 02, 2026 post

Goldman Sachs warns inventory rebuilding won’t avert 2027 oil supply glut

GOLDMAN Sachs has warned that efforts by countries to replenish depleted global oil inventories will not be sufficient to prevent a significant supply glut expected in 2027, as shipping through the Strait of Hormuz continues to return to normal, Oilprice.com reported. The bank said oil stockpiles, including crude and refined petroleum products, have fallen to […]

Jun 21, 2026 post

Hormuz shipping activity slows after U.S.-Iran negotiations fail to materialise

VESSEL movements through the Strait of Hormuz have slowed sharply after an initial surge of tanker traffic, as uncertainty returned following the collapse of planned negotiations between the United States and Iran. Data compiled by Bloomberg from vessel-tracking services showed that by Friday morning, no tanker had departed the Persian Gulf through the Strait of […]

Apr 28, 2026 post

First LNG tanker breaks through Strait of Hormuz after months of disruption

THE first liquefied natural gas (LNG) carrier to navigate the Strait of Hormuz since late February has successfully passed the strategic chokepoint and is now reportedly heading toward Indian waters, according to Bloomberg, which relied on tanker-tracking data. The vessel, Mubaraz, is registered under the Liberian flag. MarineTraffic data indicates that while the ship remains […]

Mar 04, 2026 post

Goldman Sachs raises Q2 Brent oil forecast on Strait of Hormuz disruptions

GOLDMAN Sachs has sharply increased its oil price projections for the second quarter (Q2) of 2026, citing the near-total halt of tanker flows through the strategic Strait of Hormuz as a key driver of supply risk. The U.S. investment bank now expects Brent crude to average $76 per barrel between April and June, up $10 […]