Oil prices fall to $83 after US-Iran ceasefire agreement and Strait of Hormuz reopening
via Punch Nigeria2 min read
Oil prices continued to decline following a ceasefire agreement between the United States and Iran, which aims to end hostilities in the Middle East and reopen the Strait of Hormuz. Brent crude, the global benchmark, dropped from $87 per barrel on Sunday to $83 per barrel on Monday. The agreement, announced by US President Donald Trump, led to speculation of an imminent fuel price reduction. Crude oil had previously risen above $100 and at times exceeded $120 per barrel during the three months of conflict, which began on February 28. The memorandum of understanding was reportedly signed by Trump, Vice President JD Vance, and Iranian parliament speaker Mohammad Bagher Qalibaf. The deal includes the immediate opening of the Strait of Hormuz and the lifting of the US blockade on Iran. It also extends a ceasefire for a 60-day negotiation period to address issues such as Iran鈥檚 nuclear program. A US official indicated that the United States is prepared to release frozen Iranian funds, with an initial release of $25 billion of frozen assets mentioned in a draft. Nigerians are anticipating a significant drop in petrol prices, with one official from Dangote Petroleum Refinery suggesting petrol could fall to N900 per liter, though cautioning about existing 'expensive crude' in their tanks.
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This summary was AI-generated from a story originally published by Punch Nigeria.
The Nigeria Democratic Congress NDC governorship candidate in Kano State, Aminu Gwarzo, has announced Mustapha Musa Kwankwaso as his running mate for the 2027 governorship election. Mustapha Kwankwaso, a former Commissioner for Youth and Sports in Kano State, is the son of Dr. Rabiu Kwankwaso, the national leader of the Kwankwasiyya Movement and NDC vice-presidential candidate for 2027. The announcement followed consultations with party leaders and stakeholders, with the state chapter of the party initially nominating Mustapha. Ibrahim Shuaibu, spokesperson for the governorship candidate, stated that the selection was strategic, aiming to strengthen the party's commitment to inclusive governance, youth empowerment, economic growth, and effective service delivery. Gwarzo expressed confidence in Mustapha Kwankwaso's experience, leadership qualities, and grassroots appeal, noting his proven experience in public service and youth development. The NDC believes the Gwarzo-Kwankwaso ticket combines competence, experience, and commitment to address Kano State's challenges and will boost the party's political structure and grassroots mobilization efforts. Gwarzo, a former deputy governor, became the NDC's governorship candidate after resigning from Governor Abba Yusuf's government and defecting to the All Progressives Congress.
Dangote Petroleum Refinery has lowered the gantry price of Premium Motor Spirit petrol by N75 per litre, effective midnight, June 16, 2026. This adjustment follows a de-escalation of tensions in the Middle East, which had previously impacted energy prices. The new gantry price is N1,175 per litre, down from N1,250, and the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215. The refinery informed fuel marketers that all outstanding unloaded gantry volumes would be repriced at the new rate. This reduction makes Dangote refinery's petrol the cheapest, with many marketers selling at around N1,240. The price drop aligns with easing global oil market tensions after reports of negotiations between the United States and Iran regarding the Strait of Hormuz. Crude oil prices, which had surged during a three-month conflict between the US and Iran, have now retreated. This led to petrol prices in Nigeria rising from about N830 to N1,300 per litre during that period. The PUNCH reported that oil prices continued to decline on Monday following a ceasefire agreement between the United States and Iran, with Brent crude dropping from $83 per barrel. US President Donald Trump announced the signing of the peace deal and a partial reopening of the Strait of Hormuz, further pushing down oil prices and fueling speculation of more fuel price reductions. While a Dangote Petroleum Refinery official suggested petrol could fall to N900 per litre, they cautioned that the refine
Must ReadA Federal High Court ruling on Monday, June 16, 2026, directing the Independent National Electoral Commission INEC to deregister five political parties, including the African Democratic Congress ADC, has ignited strong opposition and concerns about Nigeria's democratic process. The ruling, which followed a suit by the National Forum of Former Legislators, cited the parties' failure to meet electoral performance thresholds outlined in the 1999 Constitution and Electoral Act 2022. Former Vice President and presidential candidate of the ADC, Atiku Abubakar, condemned the judgment, calling it a threat to multiparty democracy and an attempt to weaken opposition ahead of the 2027 general elections. He highlighted that the ruling was delivered despite a subsisting Court of Appeal order from May 22, 2026, staying proceedings in the matter, raising serious questions about judicial hierarchy and the rule of law. Abubakar linked the judgment to a broader pattern of actions aimed at eliminating political opponents, urging Nigerians to resist attempts to subvert democratic institutions. Osun State Governor Ademola Adeleke also faulted the judgment, stating it violated the Court of Appeal's stay of proceedings. He called for calm, assuring citizens that their voting rights would be protected and that the Accord Party would be on the ballot. The ADC, through its National Publicity Secretary Bolaji Abdullahi, rejected the judgment, warning of severe consequences if the party is excluded from