Oil prices jump 5%, stocks slide after US President Donald Trump declares Iran ceasefire over
via Punch Nigeria3 min read
Oil prices surged and stock markets declined on Wednesday after US President Donald Trump announced the ceasefire with Iran had ended, following renewed conflicts in the Middle East. The latest hostilities were triggered by Iranian attacks on ships in the Strait of Hormuz. Trump, speaking at a NATO summit in Turkey, stated the ceasefire was "over" but indicated openness to further discussions. International benchmark Brent North Sea crude increased over five percent to approximately $78 a barrel, while the main US contract, West Texas Intermediate, also rose five percent. In Europe, Paris and Frankfurt markets fell around two percent, and London was down nearly 1.5 percent. Kathleen Brooks, research director at XTB, noted that "geopolitical risks are rising" for markets. The US initiated extensive strikes on Iran this week after attacks on ships in the strait, leading to reprisals against American bases in the Gulf. Washington also revoked a temporary sanctions waiver for Iranian oil. Brooks added that for Brent crude oil prices to exceed $80 per barrel, a US naval blockade of the Strait of Hormuz would be needed, which would prevent Iran from selling its oil and significantly escalate tensions. Asian equities also suffered, with geopolitical tensions compounding a retreat from the tech sector due to concerns over high investments in AI. Seoul鈥檚 Kospi dropped over five percent and has lost more than 20 percent since its record high last month. Samsung and SK hynix both fell a
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The Federal Government has cautioned that drug abuse and illicit trafficking pose a direct threat to Nigeria's national development, emphasizing that combating this issue is a shared responsibility. George Akume, Secretary to the Government of the Federation, represented by Ibrahim Kana, Permanent Secretary, General Services Office, delivered this warning at the National Drug Use Summit in Abuja. The summit, themed "Addressing Illicit Drug Use and Trafficking: A Call to National Action," highlighted that drug use and trafficking have become significant global threats to public health, national security, social cohesion, and economic development, with Nigeria experiencing rising cases of mental illness, broken families, interrupted education, unemployment, and crime. Akume identified young Nigerians as particularly vulnerable, stating that their exposure to addiction directly threatens the country's future. He also noted the growing links between drug trafficking and other organized crimes like violent extremism, banditry, kidnapping, and money laundering. Akume stressed that substance use disorders are complex health and social challenges requiring a "whole-of-government approach, a whole-of-society approach," involving families, communities, schools, healthcare providers, security agencies, the private sector, faith-based organizations, and civil society. He called for enhanced intelligence sharing, inter-agency collaboration, improved research, and resilient communities. Br
Must ReadThe House of Representatives on Wednesday rejected a proposal to invite President Bola Tinubu to explain the alleged suspension of funding for zonal intervention, or constituency projects. This occurred during a plenary session marked by debate over delays in the implementation of the 2026 budget. The proposal was made by Benedict Etanabene, who cited a circular from the Office of the Accountant-General of the Federation announcing the suspension of funding for these projects pending new verification requirements. Etanabene urged the House to use its oversight powers to summon President Tinubu and his economic team to provide explanations. The suggestion led to heated exchanges among lawmakers. Alex Ikwechegh, who sponsored the main motion, argued that the credibility of the appropriation process relies on the timely release and utilization of budgeted funds. He noted that many agencies received little or no capital releases in the 2025 fiscal year and criticized a June 29, 2026 Treasury circular that introduced new bureaucratic hurdles for constituency project payments. Speaker Tajudeen Abbas ruled the proposal to invite the President out of order, stating it was not part of the substantive motion and inconsistent with parliamentary procedure. The House subsequently adopted resolutions urging the Federal Ministry of Finance, Budget Office of the Federation, Office of the Accountant-General of the Federation, and the Central Bank of Nigeria to prioritize timely fund releases
The Deputy Speaker of the House of Representatives, Benjamin Kalu, disclosed how he was deceived into meeting with Adeniyi Adeyemi, the self-proclaimed Director-General of the fictitious Presidential Foreign Intervention Promotion Council PFIPC. Kalu stated that his office received a letter on May 2, 2025, bearing the Presidency's insignia and an address at the Federal Secretariat Complex, along with a government website, pfipc.gov.ng. Despite some initial doubts, his team verified the address, leading him to approve a meeting. The visitors, who claimed they wanted to discuss constitutional amendments and foreign investment, instead focused on taking photos. Kalu emphasized that this incident highlights the need for stricter verification of organizations claiming government affiliation and urged lawmakers to support a thorough investigation into the alleged council's operations. The PFIPC has caused nationwide controversy after being included in the 2026 Appropriation Act, despite the Presidency disowning its existence and President Bola Tinubu ordering an investigation into its insertion into the budget.