Oil prices fall and global equities rise following US-Iran peace deal
via Punch Nigeria3 min read
Oil prices decreased and stock markets surged on Monday after the United States and Iran announced a deal to end their conflict, which will lead to the reopening of the Strait of Hormuz. This agreement, confirmed by mediator Pakistan, is set to be signed in Switzerland on June 19, concluding three months of conflict that had caused energy prices to rise and fueled inflation concerns. The Strait of Hormuz, a critical maritime passage for approximately 20 percent of the world鈥檚 crude oil supply, had been effectively closed by Tehran after US-Israel strikes on Iran initiated the conflict. US President Donald Trump stated on social media that the deal was complete and authorized the reopening of the Strait, while Iran鈥檚 Deputy Foreign Minister Kazem Gharibabadi confirmed an immediate end to the war, with a final agreement expected within two months. Crude prices fell by as much as five percent, with West Texas Intermediate approaching 83.30. This drop in oil costs alleviated concerns that rising inflation might compel central banks to increase interest rates again. Stephen Innes at SPI Asset Management noted that lower oil prices reduce inflation impulses and the likelihood of Federal Reserve rate hikes. Asian equities, including Tokyo and Seoul, saw significant gains, while Shanghai, Sydney, Singapore, Taipei, and Hong Kong also rose. Jakarta鈥檚 stock market jumped over four percent, and the rupiah strengthened against the dollar. Traders are now awaiting further developments, in
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadThe Federal Government of Nigeria announced that the Transfer of Sentenced Persons Agreement with Ethiopia, designed to repatriate Nigerian citizens incarcerated there, aligns with President Bola Tinubu鈥檚 citizen diplomacy framework under the Renewed Hope Agenda. Minister of Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, described the agreement as a significant diplomatic achievement that prioritizes the welfare of Nigerians abroad and reflects ongoing efforts to assist citizens facing difficulties in other countries. She refuted a circulating list of Nigerian inmates in Ethiopian prisons as fake, stating that Nigeria does not have 136 inmates in Ethiopia and that some attributed crimes are unfounded. The minister emphasized the government's commitment to bringing inmates home to serve sentences with dignity, away from inhumane conditions. Efforts to secure their return have been ongoing for years, despite challenges in obtaining accurate data. Inmates are held in Kaliti and Aba Samuel prisons, both maximum-security facilities. Odumegwu-Ojukwu explained that the agreement allows prisoners sentenced in one country to return to their country of origin to complete their sentences, addressing the inmates' long-standing desire to return due to precarious living conditions, health issues, inadequate medical facilities, poor feeding, denial of visitation rights, insufficient legal services, and language barriers. She noted that four Nigerian prisoners died while the agreement was bei
Abia State Governor, Alex Otti, unveiled two new Boeing 737-800NG aircraft belonging to United Nigeria Airlines, named after the late literary icon Professor Chinua Achebe and the Obi of Onitsha, Igwe Alfred Achebe. The ceremony took place at Nesto Aviation Services in Ikeja, Lagos. Governor Otti commended Professor Obiora Okonkwo, Chairman and Founder of United Nigeria Airlines, for honoring distinguished Nigerians. He also praised the Minister of Aviation and Aerospace Development, Festus Keyamo, for promoting private-sector participation in aviation and for supporting the establishment of an aircraft leasing company to strengthen local airlines. Otti noted the advanced stage of work on the Abia Airport project runway and reaffirmed Abia State's readiness to serve as a hub for United Nigeria Airlines. Professor Okonkwo stated that the aircraft acquisition reflects growing confidence in Nigeria鈥檚 aviation industry, attributing the naming of the aircraft to Chinua Achebe's global literary legacy and Igwe Alfred Achebe's exemplary traditional leadership and contributions to national development. Minister Keyamo outlined the Federal Government鈥檚 aviation reform agenda, emphasizing collaboration with stakeholders, and commended Governor Otti鈥檚 commitment to the Abia Airport project, highlighting Otti's advocacy for a full-fledged airport with counterpart funding from Abia State. Igwe Alfred Achebe expressed appreciation for the recognition, describing it as humbling and meaningf
Iran's national football team plans to lodge a complaint with FIFA regarding alleged travel restrictions during the World Cup in North America. According to the Iranian football federation spokesman, despite submitting their preparation schedule in advance, the team has faced limitations imposed by organizers, affecting their technical staff's plans. The federation claims their request to travel from their base camp in Tijuana, Mexico, to Los Angeles, United States, two days before their match against Belgium was denied. This early travel was intended to allow players sufficient time to adapt to match conditions, complete training, and finalize preparations for the game scheduled for 12:00 pm local time in Los Angeles. The spokesman stated that the technical reasons presented by the federation for the request were denied.