Oil prices rise despite US-Iran ceasefire extension, European stocks fall amid Mideast uncertainty
via Punch Nigeria2 min read
Oil prices increased on Wednesday, with Brent North Sea crude nearing $100 a barrel and West Texas Intermediate trading above $90, despite a ceasefire extension between the US and Iran. European stock markets, including the FTSE 100, CAC 40, and DAX, saw declines due to ongoing uncertainty surrounding Mideast peace talks. Asian equities experienced mixed trading as investors awaited clarity on the conflict. Susannah Streeter, chief investment strategist at Wealth Club, noted that the ceasefire extension has not calmed nerves, as worries persist about the energy squeeze's impact on the global economy and the elusive resolution to the conflict. Iranian gunboats reportedly attacked a container ship in the Strait of Hormuz, even after US President Donald Trump announced the ceasefire extension to allow more time for negotiations. Trump stated that the US blockade of Iran's ports would continue while Pakistani mediators attempt to revive dialogue. The Strait of Hormuz has been largely closed by Tehran since attacks by the United States and Israel seven weeks ago, which led to the Middle East war and rising energy prices, threatening global economic growth. Christopher Wong, a strategist at Oversea-Chinese Banking Corp., suggested that the US and Iran might be seeking leverage, and the interim suspense could curtail risk appetite. Meanwhile, senators held a confirmation hearing for Kevin Warsh, Trump's nominee to replace Federal Reserve boss Jerome Powell. Warsh affirmed his indepe
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The Presidential Enabling Business Environment Council PEBEC announced it will provide body cameras to truckers and freight forwarders operating along the Apapa and Tin-Can port corridors. This initiative aims to gather evidence against officials involved in extortion at illegal checkpoints, as previous enforcement efforts were hampered by a lack of footage. Zahrah Audu, Director-General of PEBEC, stated that the cameras are part of a broader strategy, which includes stakeholder sensitization and the establishment of clearly marked legal checkpoints with QR codes linking to the ReportGov escalation portal. The council plans to prosecute those found engaging in rent-seeking or malpractice. PEBEC is also working to reduce Nigeria's average cargo dwell time from 21 days to seven days, implementing measures such as joint cargo inspections, a shift to scanner-based processes, and the National Single Window digital platform. Additionally, the Nigerian Ports Authority is developing a unified access pass system to prevent unauthorized access and curb extortion networks. Audu acknowledged the need for more support for informal sector businesses and announced an upcoming initiative called Enable Her to assist them with formalization and scaling.
Nigeria's Minister of Defence, General Christopher Musa retd., announced his intention to take legal action against individuals circulating rumors of his resignation. Following a closed-door meeting with President Bola Tinubu at the Aso Rock Villa in Abuja, Musa stated he was "shocked" by the reports and denied any plans to resign. He described the rumors as a deliberate attempt to undermine public confidence in the administration's improving security record. Musa clarified that his meeting with the President was a routine security briefing, during which President Tinubu expressed satisfaction with the military's performance. He also called for continued civilian cooperation with security forces to combat terrorism and banditry, highlighting that such support has been massive and is contributing to improving security.
President Bola Tinubu has extended congratulations to Andy Burnham on his assumption of office as the Prime Minister of the United Kingdom. In a statement issued by the Ministry of Foreign Affairs through its spokesperson, Kimiebi Imomotimi Ebienfa, President Tinubu expressed confidence that Prime Minister Burnham's administration would deepen bilateral cooperation and strengthen the strategic partnership between Nigeria and the UK. The President also felicitated with the Government and people of the United Kingdom on their peaceful leadership transition, reflecting the strength of their democratic institutions. Tinubu recalled his productive engagement with the immediate past British Prime Minister during his Official Visit to the United Kingdom in March 2026 and expressed optimism that Prime Minister Burnham would build on these achievements. He looks forward to engaging with the new British leader through bilateral and multilateral platforms, particularly under the Commonwealth, to advance the interests of both countries. The Federal Government of Nigeria reaffirmed its commitment to maintaining close ties with the UK and wished Prime Minister Andy Burnham a successful tenure, assuring him of Nigeria's readiness to work closely with his administration on shared priorities and global challenges. Nigeria and the United Kingdom have longstanding diplomatic, political, and economic relations dating back to Nigeria鈥檚 independence in 1960, with the UK remaining a key trading and