Oil prices fall after US and Iran sign deal to reopen Strait of Hormuz
via Punch Nigeria4 min read
Oil prices decreased on Thursday following the signing of an agreement between US President Donald Trump and his Iranian counterpart to end their conflict and reopen the Strait of Hormuz. This development has fostered optimism for peace between the two nations after three months of war that impacted energy markets and contributed to inflation. The deal, signed in Versailles after a G7 summit, involves Washington waiving oil sanctions and facilitating a $300 billion reconstruction fund, while Tehran agrees to dilute its enriched uranium. Pakistan's Prime Minister Shehbaz Sharif, whose officials mediated the agreement, stated that Iran would immediately reopen the Strait of Hormuz and the United States would lift its naval blockade. Crude oil fell more than three percent on Thursday, extending losses, with both main contracts plummeting over 15 percent since last week. Stephen Innes at SPI Asset Management noted that the agreement should reduce the "panic premium" in crude prices. Meanwhile, global equities showed mixed performance. Seoul's stock market surged over two percent, surpassing 9,000 points, driven by chip companies Samsung and SK hynix due to the AI boom. Tokyo also reached a new high, while other Asian markets like Singapore, Taipei, Mumbai, and Manila rose. However, Hong Kong, Shanghai, Sydney, Wellington, Bangkok, Jakarta, and London experienced declines. The mixed market reactions followed the US Federal Reserve's latest policy meeting, where it held interest ra
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Must ReadThe United Arab Emirates has announced a social media ban for children under 15, effective Thursday, joining countries like Australia, Britain, and Canada in adopting similar measures. Social media platforms must monitor and disable accounts created by individuals under 15 within a 12-month transition period, or risk being blocked. The official WAM news agency stated that children below this age are prohibited from creating, using, or operating personal social media accounts. The resolution also bars children from accessing full platform features like social interaction, publishing, commenting, and joining public groups. Children aged 15-16 are permitted to use social media with enhanced protective measures, including content restrictions and time limits. Parents and caregivers are responsible for preventing children from circumventing age checks, and parental consent does not provide an exemption. The ban is driven by concerns over mental health, cyber-bullying, lack of physical activity, online predators, and addictive behavior. The UAE's media and telecommunications bodies have the authority to take necessary measures against non-compliant platforms, including warnings, partial or full blocking, or administrative penalties.
Must ReadReal Madrid announced the signing of defender Ibrahima Konate from Liverpool on Thursday, with the player agreeing to a four-year contract that will keep him at the club until June 30, 2030. The 27-year-old center-back, who joined Liverpool in 2021 from RB Leipzig, made 183 appearances for the English club, winning the Premier League in 2025 and the FA Cup in 2022. Konate, currently with the French national team at the World Cup, joins a Real Madrid squad that has also seen the arrival of coach Jose Mourinho and the signings of Spain left-back Marc Cucurella and Portugal midfielder Bernardo Silva this summer. The Spanish giants are reportedly looking to further strengthen their team, having been linked with Inter Milan wing-back Denzel Dumfries, as they aim to rebuild after two seasons without a major trophy. Real Madrid has also renewed the contract of center-back Antonio Rudiger until 2027, following the departures of Dani Carvajal and David Alaba.
A Mastercard study reveals that 81% of Nigerian small and medium enterprises SMEs are confident about the next 12 months, with 68% expecting revenue growth. All surveyed SMEs agree that digital and online payments are vital for business expansion. Their top growth priorities include training and upskilling staff 79% and digitizing their businesses 78%. Mobile payment adoption among SMEs is at 67%, with card payments at 45% and online payments at 42%. Many businesses 57% now operate through both physical and online channels. More than two-thirds of SMEs 69% are seeking credit for growth, and 34% sought external funding in the past year. Gabriel Swanepoel, division president, Africa, Mastercard, highlighted the opportunity to accelerate SME development through digital innovation. Folasade Femi-Lawal, country manager, West Africa, Mastercard, noted that Nigerian businesses are investing in their people, embracing digital payments, and seeking capital. Despite financial concerns 62%, access to credit, and inflation, optimism remains high. SMEs also identify stronger physical and digital security 60% and access to mentorship 52% as critical enablers. Mastercard supports Nigerian SMEs with tools, financial solutions, and security capabilities, including low-cost acceptance innovations like Tap on Phone and QR Pay-by-Link, and programs like Start Path and Product Express for fintechs.