New concerns have emerged that disruption to one of the world’s most critical oil routes might continue, as Iran has laid terms of reopening the Strait of Hormuz on the table before the United States of America (USA).

Biztellers reports that Iran is demanding six things, touching on military operations, sanctions, compensation and access to her frozen assets, as conditions precedent to the reopening of the route.

According to Mohammad Baqer Zolghadr, Secretary of Iran’s Supreme National Security Council (SNSC), Tehran expected Washington to end what it described as hostile actions before the strategic waterway could be reopened.

Iran’s conditions include an end to US threats and military operations, a permanent cessation of the war, the withdrawal of American naval and air forces from areas around Iran, compensation for damage caused by the conflict, the removal of sanctions and the release of frozen Iranian assets.

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The demands indicate that Tehran does not consider the draft agreement being discussed with Washington sufficient to restore normal shipping through the strait.

Any eventual agreement would also require approval from Iran’s SNSC, suggesting that the reopening of the waterway could remain tied to wider political and security negotiations.

The development comes as shipping activity through the Strait of Hormuz remains significantly below previous levels, with only 33 vessels crossing the waterway from Monday through Thursday, compared with 50 during the corresponding period a week earlier.

Crude tanker movements have been particularly limited, with only six crude oil tankers reportedly exiting the strait so far this week.

The subdued traffic has persisted despite expectations that Iran and Oman could reach an arrangement to facilitate a shipping corridor through the waterway.

Further uncertainty surrounds the treatment of vessels linked to the USA and Israel, with Tehran considering restrictions on such ships. Earlier proposals for charging transit fees have also heightened concerns among shipping operators.

In a related development, the European Union (EU) has accused Iran’s Islamic Revolutionary Guard Corps Navy of operating a screening and toll system for vessels transiting the strait, adding to concerns over the security and cost of commercial shipping.

Washington, however, has struck a more optimistic tone.

US Vice President, JD Vance, said the administration expected oil and gas flows from the Gulf to eventually return to levels recorded before the conflict.

Vance also said Iran had informed Washington that it did not intend to impose transit tolls, although he acknowledged that the United States remained cautious about relying on Tehran’s assurances.

The conflicting positions have left the outlook for a return to normal shipping through Hormuz uncertain.

While Washington is projecting a restoration of Gulf energy flows to pre-war levels, Iran has now linked the reopening of the strait to broad military, political and financial concessions from the United States.

The Strait of Hormuz is a critical artery for global energy markets, making the duration of the disruption particularly significant for crude oil, refined products and natural gas supplies.

The outcome of the negotiations could therefore determine whether the current disruption remains a short-term shock or develops into a prolonged threat to global energy supplies, with potential implications for oil prices, tanker markets and energy security worldwide.

The Global Extractive Industries Transparency Initiative (EITI) team is in Nigeria to assess the impact, transparency and accountability in the oil, gas and mining sectors.

The validation mission, effective Monday, is part of the 2026 EITI’s Validation Exercise that commenced on July 1.

The exercise is particularly significant for Nigeria, as it provides an opportunity for the country to demonstrate how far it has implemented the corrective actions identified during its previous assessment and strengthened the governance of its natural resources.

The Nigeria EITI, in a statement issued on Sunday under the signature of its Director of Communications and Stakeholders Management, Obia­geli Onuorah, said the arrival of the global assessors marked a major stage in the ongoing validation process.

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The mission is expected to run from August 10 to August 14, during which the assessors will conduct a comprehensive quality assurance assessment and consult a wide range of stakeholders involved in Nigeria’s extractive industries.

The statement read, “The Nigeria Extractive Industries Transparency Initiative announces the arrival of the Global Extractive Industries Transparency Initiative Validation Assessors as part of the ongoing 2026 EITI Validation Exercise which commenced on July 1st 2026. The presence of the EITI Mission in Nigeria marks a significant stage in Nigeria’s 2026 EITI Validation and forms part of the global EITI Validation process.

“During the mission, which commences August 10th 2026, the Validation Assessors will undertake a comprehensive quality assurance assessment and hold consultations with key stakeholders”

The stakeholders include government institutions, the National Assembly, oil, gas and mining companies, civil society organisations, development partners, anti-corruption agencies, host communities and the media.

The assessors will also meet senior government officials and key institutions involved in the management and oversight of Nigeria’s extractive resources.

Among those expected to meet the mission are the Secretary to the Government of the Federation and Chairman of the NEITI Board, Senator George Akume; members of the NEITI National Stakeholders Working Group; the Ministers of Finance and Budget and Economic Planning; the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited; NEITI’s Inter-Ministerial Task Team; members of the Senate Committee on Public Accounts and other relevant committees of the National Assembly, as well as the Ministry of Industry, Trade and Investment.

The consultations are expected to give the assessors an opportunity to hear directly from stakeholders about the country’s implementation of the EITI Standard, ongoing reforms and outstanding challenges in the extractive sector.

Commenting, the Executive Secretary of NEITI, Musa Adar, described the exercise as an important opportunity for Nigeria to demonstrate its commitment to responsible management of its oil, gas and mining resources.

“Nigeria remains firmly committed to the principles of the Extractive Industries Transparency Initiative. We regard the Validation process as an opportunity not only to assess the progress we have made, but also to highlight areas where further reforms can enhance extractive sector governance,” Sarkin Adar said.

The NEITI boss said the agency had worked with the National Stakeholders Working Group and other stakeholders to prepare for the assessment.

According to him, the preparations included the submission of Nigeria’s validation documentation and targeted engagements with stakeholders in line with the requirements of the 2023 EITI Standard.

He expressed confidence that the mission would strengthen Nigeria’s relationship with the global EITI and reinforce its commitment to transparency, accountability and prudent management of its natural resources.

Validation is the EITI’s independent quality assurance mechanism for determining how well implementing countries comply with the EITI Standard.

The process examines the extent to which countries have improved transparency and accountability in the management of extractive resources while also identifying areas requiring further reforms.

For Nigeria, the latest exercise comes against the backdrop of its previous validation, which produced a moderate score but also identified areas requiring corrective action.

Nigeria underwent its fourth EITI validation in January 2023 under the 2019 EITI Standard and obtained an overall score of 72 points.

The assessment identified a number of corrective actions that Nigeria was expected to address before its next validation.

The 2026 exercise will therefore provide an independent assessment of whether the country has made measurable progress since the last validation and whether reforms have been institutionalised across the extractive sector.

The assessment covers issues central to the management of Nigeria’s vast oil, gas and mining resources, including transparency, public oversight and accountability.

The latest validation is also taking place as Nigeria seeks to deepen reforms in its extractive industries and attract more investment into the upstream oil and gas and mining sectors.

The country has long faced concerns over revenue leakages, opaque ownership structures, crude oil theft, weak public oversight and limited transparency around the management of natural resources.

The EITI process is designed to help address some of these challenges by promoting disclosure and encouraging collaboration among government, extractive companies and civil society.

Nigeria joined the EITI as an implementing country in 2004 and subsequently enacted the NEITI Act in 2007, establishing a statutory framework for promoting transparency in the management of the country’s extractive industries.

Since then, NEITI has conducted industry audits, published reports and made recommendations aimed at improving revenue collection, reducing leakages and strengthening accountability in the oil, gas and mining sectors.

The 2026 validation therefore comes at a critical point for the country as it seeks to demonstrate that previous recommendations have translated into concrete institutional reforms rather than remaining largely on paper.

NEITI said the exercise would also allow stakeholders to present their perspectives on the reforms and challenges affecting the extractive sector.

“The 2026 EITI Validation is an opportunity to demonstrate the progress Nigeria has made in strengthening extractive sector governance, addressing previous corrective actions and institutionalising reforms that promote transparency and accountability,” the agency stated.

The outcome of the exercise will provide an external assessment of Nigeria’s implementation of the EITI Standard and could influence the direction of further reforms in the sector.

The validation mission is expected to conclude on August 14.

Following concerns about the constitution and representation of Host Community Development Trust (HCDT), the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has ordered the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to dissolve the affected HCDT within 48 hours.

The directive was contained in a statement issued by the commission on Friday and signed by the Head of Information and Public Relations Unit, Maryam Umar-Yusuf.

The directive was ignited by an investigative hearing into the operations of Sterling Oil Exploration and Energy Production Company (SEEPCO) and the implementation of the HCDT provisions under the Petroleum Industry Act (PIA) 2021.

According to the statement, the ultimatum was issued during the hearing of the commission’s Investment Monitoring Committee (IMC) after concerns were raised over the establishment of the trust for affected host communities.

The Chairman of the RMAFC, Mohammed Shehu, reaffirmed the commission’s commitment to protecting the interests of oil-producing host communities, saying it would continue to strengthen oversight of operators and institutions responsible for ensuring that communities receive the benefits due to them under the law.

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Shehu, who spoke at the investigative hearing held at the commission’s headquarters on Thursday, described the exercise as “an important national service and a critical national responsibility.”

He commended the committee for its diligence and urged members to remain resolute, stressing that the commission’s constitutional mandate required “firm oversight, transparency and accountability in the management of national revenue assets.”

According to the statement, he expressed confidence that the investigation would strengthen trust in the petroleum sector and ensure that host communities received the full benefits guaranteed under the PIA.

Leading the hearing, the Chairman of the IMC and Federal Commissioner representing Anambra State, Ekene Enefe, conducted an extensive investigation into SEEPCO’s compliance with the statutory provisions governing Host Community Development Trusts.

He maintained that host communities should no longer bear the environmental and social consequences of oil exploration without corresponding development, adding that the commission would ensure operators and regulatory institutions discharged their statutory obligations.

The committee also criticised SEEPCO for repeatedly failing to honour invitations to appear before it despite previous engagements.

Addressing officials of the NUPRC during the hearing, Enefe said the commission would hold every institution in the petroleum value chain accountable for the effective discharge of its responsibilities.

He consequently ordered the regulator to address concerns surrounding the trust established for the affected communities, declaring, “We are going to give you 48 hours to dissolve that Host Community Development Trust.”

The committee chairman also faulted SEEPCO over what he described as its failure to meet obligations owed to host communities. “We are going to write them, and we are going to give them an ultimatum to pay up what is owed to the host communities,” Enefe said.

He added that the committee would conclude its investigation and submit its findings to the appropriate authorities, insisting that the commission would carry out its constitutional oversight responsibilities “without fear or favour.”

Earlier, the NUPRC delegation, led by the Director of Host Communities, Ufondu Ejiro, defended the implementation of the HCDT established under the PIA.

According to the statement, Ejiro told the committee that the trust had been duly incorporated, funded and structured in accordance with the law.

She said the commission had processed documents relating to community consultations, governance structures, funding arrangements and Community Development Plans, while also presenting records of statutory contributions made into the trust.

The NUPRC maintained that it discharged its responsibilities within the framework of the Petroleum Industry Act and the Host Community Development Regulations.

However, counsel representing the affected host communities, Peter Chukwudi, rejected the regulator’s submissions, insisting that several persons recognised as community representatives were not accepted by the communities.

He also argued that adequate consultations were not conducted before the HCDT was constituted and questioned the level of development recorded in the affected communities despite years of oil production.

Chukwudi urged the committee to ensure that the grievances raised by the communities were thoroughly investigated.

Also speaking, the Anambra State Commissioner for Petroleum and Mineral Resources, Prof Charles Ofoegbu, called for stronger collaboration between the NUPRC and the state government in verifying community representation and monitoring compliance with statutory obligations.

He advocated greater transparency in calculating statutory contributions, operational expenditure and the execution of community development projects, stressing that the state government had a responsibility to protect the interests of its oil-producing communities.

Other members of the commission also raised concerns during the hearing. The Federal Commissioner representing Rivers State, Desmond Akawor, said there appeared to be a disconnect between the regulator and affected state governments, adding that closer collaboration and direct engagement with operators were necessary for effective oversight.

He also criticised SEEPCO for failing to attend the hearing and urged all parties to cooperate with the investigation.

The Federal Commissioner representing Kogi State, Abdulazeez Idris-King, questioned the effectiveness of the NUPRC’s verification process, saying reliance solely on documents submitted by operators might not sufficiently establish that genuine consultations had taken place with host communities.

Similarly, the Federal Commissioner representing Jigawa State, Hauwa Umar-Aliyu, stressed the need for regulators to uphold professionalism and impartiality, saying public confidence would only be strengthened if the interests of host communities received equal attention alongside those of operators.

According to the statement, the hearing forms part of the commission’s ongoing oversight initiative aimed at promoting transparency, strengthening accountability and ensuring that host communities derive the benefits guaranteed under the PIA.

Recall that the HCDT was created under the PIA 2021 as a framework for ensuring that communities where oil and gas operations take place receive direct and sustainable benefits from petroleum activities.

The PIA requires petroleum operators, known as settlors, to establish trusts for their host communities and contribute 3 per cent of their actual annual operating expenditure in the preceding year to the funds. The trusts are intended to finance community development projects and promote peaceful relations between operators and host communities.

The NUPRC is responsible for regulating the trusts, including their incorporation, funding, governance and the implementation of development projects. The provision was introduced against the background of decades of grievances in oil-producing communities over environmental impacts, inadequate development and disputes with petroleum companies.