Oil prices surge, stocks fall as US announces Strait of Hormuz blockade after Iran talks collapse
via Punch Nigeria4 min read
Oil prices surged and global stock markets fell on Monday following the collapse of peace talks between the US and Iran, and an announcement by President Donald Trump of a blockade of the strategic Strait of Hormuz. Negotiations in Islamabad, led by US Vice President JD Vance, failed over Iran's refusal to abandon its nuclear program, while Tehran cited "maximalism, shifting goalposts, and blockade" from the US. This development has heightened fears for Middle East energy supplies and dealt a blow to hopes for an end to the six-week conflict, which has already driven crude prices above $100 a barrel and fueled inflation. President Trump stated on Truth Social that the US Navy would immediately begin blockading ships entering or leaving the Strait of Hormuz, through which a fifth of global oil and gas typically passes, specifically targeting vessels traveling to or from Iranian ports. Iran's Revolutionary Guards asserted full control over the strait, and Iran's navy chief Shahram Irani dismissed Trump's threat as "ridiculous and funny." Experts warn that a US blockade could be seen as a resumption of the war, and while a breakthrough in ending the conflict might eventually occur, oil prices are expected to remain elevated due to significant production shutdowns and facility damage. Investors are also monitoring efforts to resolve the Israel-Hezbollah conflict, with Lebanese Prime Minister Nawaf Salam pushing for Israeli withdrawal and the return of prisoners. The ongoing Middl
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Must ReadThe Oyo State House of Assembly has reiterated its support for Governor Seyi Makinde's request for an independent international investigation into the abduction of schoolchildren and teachers in the Oriire Local Government Area. The House believes an international probe is essential to establish facts, strengthen Nigeria's security, and prevent future attacks on schools. This stance comes after Governor Makinde, following the rescue of the victims, called on the United Nations and International Human Rights Organizations for an investigation, citing the gravity and unusual circumstances of the incident. The Assembly also addressed the Senate's caution against such a probe, clarifying that Governor Makinde's call is a patriotic appeal for transparency, accountability, and international collaboration against terrorism and mass school abductions, not an indictment of the Federal Government or security agencies. The House emphasized that commending security efforts and seeking a transparent review are not mutually exclusive, especially as terrorism and school attacks have transnational dimensions. They concluded that Makinde's proposal aims to understand lessons from the Oriire abduction and translate them into stronger security measures, complementing efforts to improve security agencies' welfare and equipment.
Chief Olabode George, former Deputy National Chairman of the Peoples Democratic Party, has issued a warning against what he perceives as attempts to undermine the opposition party through judicial manipulation and the misuse of state institutions. In a statement on Tuesday, George condemned recent developments surrounding the PDP's leadership crisis, suggesting that certain forces are working to destabilize the party ahead of the 2027 general elections. He referenced a Supreme Court judgment from April 30 that nullified a PDP national convention, leading to a reconstituted Interim National Working Committee that operates alongside another faction recognized by the Independent National Electoral Commission INEC. George criticized the projection of an individual with no known democratic pedigree as National Chairman, stating that leadership is earned through sacrifice and democratic legitimacy, not political manipulation. He urged the judiciary and INEC to uphold the Constitution and remain impartial, emphasizing that institutions must not determine political party leadership. George cautioned that misusing political power and suppressing opposition is dangerous for national stability and that governments should not weaken democratic institutions. He called on the judiciary to remain faithful to the Constitution, INEC to act without bias, and President Bola Ahmed Tinubu to ensure government institutions remain above partisan interests.
The Yoruba Leaders of Thought, a pro-Yoruba group, has praised President Bola Tinubu, Oyo State Governor Seyi Makinde, and security agencies for the successful rescue of pupils and teachers abducted from schools in the Oriire Local Government Area of Oyo State. In a statement signed by its National Secretary, Mr. Bayo Aina, the group described the rescue operation, which involved various security agencies, vigilantes, and the Amotekun Corps, as a testament to the Nigerian Armed Forces' efforts to ensure national safety amidst increased bandit activities. Aina highlighted that the abductees were rescued after over 54 days in captivity without a ransom payment, showcasing the effectiveness of the security operation. The group also commended President Tinubu's leadership. The Yoruba Leaders of Thought extended condolences to the families of Mr. Michael Oyedokun, a teacher, and Lieutenant Felix Isaac, an army officer, who died during the operation and called for their immortalization by the Federal Government. They urged the government to apply the multifaceted rescue approach used in Oyo to other states and to investigate the involvement of foreigners in crimes across the country, citing them as a source of weapons for bandits.