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Crude Races Towards $100 as US Steps Hard on Iran

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Renewed tensions in the Middle East have seen crude prices push towards $100 per barrel riding on the back of US sanctions and a blockade of Iranian oil exports, which have escalated the Asian country’s economic woes.

Consequently, the Brent crude, the international benchmark, climbed to $97 per barrel on Thursday before declining to $95.50, as reported at Oilprice.com.

On its part, Reuters reported that the surge in oil prices came as Washington intensified its campaign to cut off Iran’s access to international financing and prevent the country from circumventing sanctions.

Three senior Iranian sources reportedly told Reuters that the latest measures were proving increasingly difficult for Tehran to withstand, with the country facing dwindling channels for securing foreign currency and importing essential goods.

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The pressure has also severely affected Iran’s oil exports.

Iranian crude loadings have fallen to about 260,000 barrels per day this month, from around 1.7 million bpd a year earlier, according to commodity analytics firm Kpler.

The development has raised fresh concerns over the impact of the sanctions on global oil markets, particularly as the conflict has disrupted energy supplies and shipping through the Strait of Hormuz.

While some energy continues to flow through the strategic waterway, the US blockade of Iranian oil exports has effectively cut off Tehran’s main source of revenue, Reuters reported.

Iran’s economic problems have been compounded by a sharp collapse in its currency and accelerating inflation. The rial has fallen from about one million rials to the dollar a year ago to more than 2.2 million rials currently.

Official figures put Iran’s 12-month average inflation at 69.9 percent, while prices of food, beverages and tobacco have risen at nearly twice that rate.

The squeeze has also affected Iran’s ability to maintain its sanctions-evasion networks, with front companies, unregistered tankers and smuggling operations becoming increasingly expensive.

The country’s trade has fallen by between 25 and 35 percent, with imports hit harder than exports, Iranian President Masoud Pezeshkian said.

The United Arab Emirates (UAE) has also disrupted a major channel for Iranian commerce, announcing on 19 August that all commercial exchange and financial dealings with Tehran had been halted until further notice.

These have plunged Iran’s domestic fuel situation into some sort of turbulence.

One senior Iranian source told Reuters that the country has only about two months’ supply of petrol, which it needs to import despite its domestic oil production because of limited refining capacity.

The deteriorating economic conditions are also placing severe pressure on Iranian households. Average monthly salaries are estimated at about $125, compared with basic household spending requirements of roughly $450, according to official data.

The economic squeeze comes as fighting between Iran and the United States has intensified, with attacks and retaliatory strikes raising fears of further disruption to oil supplies and shipping.

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Obi Asks World Bank, Banks to Verify Anambra Debt Claims

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Former Anambra State Governor Peter Obi has called on the World Bank and Nigerian banks to verify records relating to the debt claims made against his administration, insisting that the figures being presented by the state government should be subjected to documentary scrutiny.

Obi made the call during an interview on Arise TV’s Prime Time programme on Thursday, September 24, 2026, while responding to the Anambra State Government’s claims over loans allegedly incurred during his eight-year tenure.

ALSO READ: 2027: Peter Obi Disowns OK Movement Campaign Council, Says ‘It Is Wrong’

The former governor specifically urged the World Bank to provide records showing the actual drawdowns from the facilities linked to Anambra, rather than relying on the total amount originally approved or contracted.

“Please publish these documents. I’m urging you, please. The World Bank is in Abuja; they can give you the history of the drawdowns,” Obi said.

He also challenged the relevant Nigerian banks to verify the financial records he said were contained in his 2014 handover documents.

“The banks mentioned here are Nigerian banks; you have access to their headquarters. Ask them whether this money was there,” he added.

Obi’s comments came amid a dispute over the Anambra Government’s earlier claim that eight external loan facilities associated with his administration had an outstanding balance of about N127.4bn as of June 30, 2026.

The state had linked the loans to projects in areas including education, healthcare, erosion control and malaria prevention.

The former governor disputed the presentation, arguing that approved loan facilities should not automatically be treated as money borrowed or spent if the funds were not actually drawn down.

He maintained that some of the funding arrangements involved Federal Government-backed concessionary financing and said the World Bank records could establish when the money was accessed.

The controversy has since shifted towards the actual amount drawn from some of the facilities.

Anambra State Commissioner for Information and Value Reorientation, Law Mefor, reportedly acknowledged during an Arise TV appearance that the government had not properly verified the amount actually drawn from a $123m facility before citing the larger figure. He said the government would seek clarification from the relevant authorities.

The development has added another layer to the disagreement between Obi and the Anambra Government over the state’s financial position at the end of his administration.

Obi has consistently maintained that he left office in March 2014 without outstanding salaries, pensions, gratuities or certified contractor obligations, while the state government has continued to dispute aspects of his account of the state’s inherited liabilities.

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‘Where Is the President?’ — Peter Obi Questions Tinubu’s Prolonged Absence

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Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has questioned President Bola Tinubu’s prolonged absence from Nigeria, saying Nigerians deserve to know the President’s whereabouts amid the country’s security challenges.

Obi made the remarks on Arise TV on Thursday while discussing the President’s absence from the country and the situation surrounding other senior government officials.

According to Obi, the issue was not simply that Tinubu was outside Nigeria, but that he had remained abroad beyond the period initially announced for his trip.

ALSO READ: ‘Borrowed Funds Not Spent Cannot Be Counted as Debt Left Behind’ -Peter Obi

“It’s not just that he’s out of the country. He’s out of the country beyond the days he was supposed to be. Beyond the days they even said he was going for,” Obi said.

He also noted that Vice-President Kashim Shettima was outside the country, while Senate President Godswill Akpabio was also reportedly abroad and the Senate was not in session.

“The Vice President is not in the country. And I understand the Senate President is out of the country, the Senate is not in session,” he said.

Obi expressed concern about the situation against the backdrop of insecurity and recent incidents involving the deaths of suspected illegal miners in Niger State.

“We don’t need this level of rascality at this moment in time, when Nigerians are being kidnapped, being killed, things are… we need a country where we have somebody, where we have competence, capacity, and compassion,” he said.

Referring to the deaths recorded in Niger State, Obi said the presence of the country’s chief executive was particularly important during a crisis.

“Look at Niger State now, where 10 people… where some young people have died for nothing,” he said.

The former Anambra State governor argued that while there is a chain of command within government, delegation should not replace the physical presence of the country’s leader during critical situations.

“It is… the CEO being present is critical at a time of crisis. Not delegation. Yes, you have a chain of command,” Obi said.

He subsequently asked where the President was and insisted that Nigerians should be informed.

“Where is the President? Nigerians ought to know,” he said.

Obi also said that, if elected president in 2027, he would make his whereabouts publicly known whenever he travelled.

“If I travel today, I tell people where I am. When I become President, Charles, people will know where I am 24 hours,” he said

“That is public space, public office,” Obi added.

The comments come amid continuing public debate over the absence of the President and Vice-President from Nigeria.

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‘Borrowed Funds Not Spent Cannot Be Counted as Debt Left Behind’ – Peter Obi

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The presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Peter Obi, has challenged the way government borrowing is accounted for, arguing that funds borrowed but not actually drawn down should not be treated as debt left behind by an administration.

Obi made the remarks during an interview on Arise TV on Thursday while explaining his position on borrowing during his tenure as governor of Anambra State.

“That is a wrong public accounting. Even if I had gone to bank and borrowed money, but I did not spend the money, you cannot call it debt I left,” Obi said.

RELATED NEWS: 2027: Obi Wants to Transform Nigeria After 8 Years of Failure in Anambra — Onanuga

He illustrated his argument with a hypothetical ₦10 billion loan facility, saying that where only ₦500 million was actually drawn, it would be inaccurate to describe the entire ₦10 billion as money owed.

“They gave me a loan of 10 billion Naira, and Charles, I only drew down 500 million. You cannot say I’m owing 10 billion, because you know the amount,” he said.

The NDC candidate said such a practice would amount to improper public-sector accounting.

“That’s why I said it is not proper public sector accounting,” Obi said.

He also cited the former Director-General of the Debt Management Office, Abraham Nwankwo, whom he said served for 10 years, in support of his claim about his borrowing record as Anambra governor.

Obi recalled that Nwankwo invited him to his send-off ceremony and publicly explained why he had selected Obi as chairman of the event.

“He announced it to everybody in that party that the reason why he made me chairman is because I was the only governor in Nigeria who never came to his office for approval to borrow money,” Obi said.

Anambra Debt Controversy

Obi’s comments come against the backdrop of continuing debate over the debt profile he left behind after serving as Anambra State governor from 2006 to 2013.

The former governor has consistently defended his administration’s financial record, while figures and claims about Anambra’s debt during and after his tenure have generated public debate.

 

 

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