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Oil Prices Jump 5%, Stocks Slide after Trump Says Iran Ceasefire Over

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Oil prices soared and stock markets slid Wednesday after US President Donald Trump said the ceasefire with Iran was over, following renewed strikes in the Middle East.

The latest bout of fighting was sparked by Iranian attacks on ships in the vital Strait of Hormuz shipping route.

Trump said at a NATO summit in Turkey the ceasefire was “over” but left the door open to more talks.

International benchmark Brent North Sea crude jumped more than five percent to around $78 a barrel.

The main US contract, West Texas Intermediate, also rallied five percent.

In Europe, Paris and Frankfurt shed around two percent while London was down nearly 1.5 percent around midday.

“Geopolitical risks are rising” for markets, noted Kathleen Brooks, research director at trading group XTB.

The US launched extensive strikes on Iran this week following attacks on ships in the strait, triggering a wave of reprisals against American bases in the Gulf.

ALSO READ: EFCC Files Fraud Charges Against Ex-MDs of Warri, PH Refineries

Washington also revoked a temporary sanctions waiver for Iranian oil.

Brooks added that “for the Brent crude oil price to extend gains above $80 per barrel, we would need to see another US naval blockade of the Strait of Hormuz, which would stop Iran from selling its oil and cause a major escalation in tensions”.

Equities in Asia also suffered, with the geopolitical tensions coming on top of a retreat from the tech sector on concerns over the eye-watering sums being invested in AI.

Seoul’s Kospi — which has been Asia’s poster child for the tech rally — sank more than five percent and has lost more than 20 percent since hitting a record high last month.

Samsung took another hit following a rout Tuesday that came despite the firm forecasting a roughly 19-fold jump in second-quarter operating profit from a year earlier on the back of strong AI chip demand.

The company and rival SK hynix both tumbled around six percent.

“Investors have been spooked in recent weeks by fears of excessive spending in the AI world and rich valuations in parts of the tech space, causing widespread profit-taking,” said Dan Coatsworth, head of markets at AJ Bell.

There were losses also in Tokyo and Shanghai.

However, Hong Kong rose three percent as traders chased beaten-down Chinese tech stocks, with Alibaba piling on more than 12 percent, and JD.com and Tencent each up almost four percent.

The dollar gained against its peers as the prospect of another hit to Middle East oil supplies fuelled concerns that inflation could remain elevated for longer than feared, putting pressure on the Federal Reserve to hike interest rates.

Key figures around 1100 GMT
Brent North Sea Crude: UP 5.1 percent at $77.93 a barrel

West Texas Intermediate: UP 5.0 percent at $73.95 a barrel

London – FTSE 100: DOWN 1.4 percent at 10,516.16 points

Paris – CAC 40: DOWN 2.0 percent at 8,265.75

Frankfurt – DAX: DOWN 2.1 percent at 24,929.06

Seoul – Kospi: DOWN 5.4 percent at 7,246.79 (close)

Tokyo – Nikkei 225: DOWN 2.1 percent at 66,819.05 (close)

Hong Kong – Hang Seng Index: UP 3.0 percent at 24,199.46 (close)

Shanghai – Composite: DOWN 0.5 percent at 3,970.88 (close)

New York – Dow: DOWN 0.3 percent at 52,925.15 (close)

Euro/dollar: DOWN at $1.1406 from $1.1415

Pound/dollar: DOWN at $1.3344 from $1.3360

Dollar/yen: UP at 162.49 yen from 162.09 yen on Tuesday

Euro/pound: UP at 85.49 pence from 85.44 pence

AFP

NEWS

‘Ready to Kick, Ready to Work’ — Tinubu Addresses Health Rumours

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President Bola Ahmed Tinubu has declared that he is healthy, sound and ready to resume work after returning to Nigeria from his four-week working vacation in Europe.

Tinubu made the remarks on Tuesday shortly after arriving in Lagos from Paris, France, where he spent the final part of his vacation.

SEE MORE: Tinubu Departs Paris for Lagos, Set for Abiola Tribute

Speaking briefly after his arrival, the President said he enjoyed the break before assuring Nigerians of his readiness to return to official duties.

“I enjoyed myself,” Tinubu said.

On his readiness to resume work, he added: “Ready to kick, ready to work. There’s nothing wrong.”

The President also addressed rumours surrounding his wellbeing, attributing such speculation to the political environment.

“Well, rumour will always be emanating from politics, but the fact remains I’m here—healthy, sound, and ready to go,” he said.

Tinubu arrived at the Presidential Wing of the Murtala Muhammed International Airport in Lagos at about 6:22 p.m. on Tuesday, marking the end of his European working vacation.

His return comes ahead of Nigeria’s 66th Independence Anniversary on October 1, with the President expected to participate in activities marking the occasion in Lagos.

The Presidency had earlier said Tinubu would remain in Lagos for several days for Independence Day engagements and strategic meetings before returning to Abuja.

Tinubu departed Nigeria on August 30 and spent time in London and Paris during the trip, while continuing official engagements.

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‘People Never Believed NDDC Could Do This’ — Ogbuku Highlights Kaa-Ataba Bridge

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The Managing Director and Chief Executive Officer of the Niger Delta Development Commission (NDDC), Samuel Ogbuku, has highlighted the completion of the 1.2-kilometre Kaa-Ataba Bridge in Rivers State as evidence of the Commission’s growing capacity to deliver major infrastructure projects across the Niger Delta.

Ogbuku spoke at the 2026 NDDC Partners for Sustainable Development Conference in Port Harcourt, where he attributed the Commission’s progress to the support and cooperation of its development partners and other stakeholders.

SEE MORE: Otti Commends NDDC, Charges Team Abia To Dominate NDSF

The Kaa-Ataba Bridge links Khana and Andoni Local Government Areas of Rivers State and is expected to improve connectivity between the communities when opened to vehicular traffic.

According to Ogbuku, the project is among developments that many previously considered beyond the capacity of the NDDC.

“These are things that, in the past, people never believed the NDDC could do. Today, we are doing them seamlessly because of the support we are getting,” he said.

The NDDC boss said the progress recorded by the Commission demonstrated the impact of collaboration between the agency and its development partners.

He thanked stakeholders, President Bola Ahmed Tinubu, the National Assembly and the Minister of Regional Development for their support and encouragement towards the delivery of projects across the Niger Delta.

Ogbuku said the achievements also underscored the importance of collective responsibility, in line with the theme of the 2026 conference, “Synergy for Transformation.”

 

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‘Some Lessons for Atiku’ — Onanuga Touts NNPC’s ₦7.2tn Profit, Warns Against Subsidy Return

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Presidential spokesman Bayo Onanuga has highlighted the Nigerian National Petroleum Company Limited’s (NNPC Ltd) latest financial and operational performance, saying the figures offer “some lessons for Atiku” amid the debate over fuel subsidy.

Onanuga disclosed this in a post on X on Tuesday while reviewing NNPC’s key financial performance for 2025 following the release of the company’s audited results.

According to him, NNPC’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9.

ALSO READ: ‘We’ll Bring Back Subsidy in Our Own Way’ — Kwankwaso

He said the company’s operating cash flow also grew by 16 per cent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.

Onanuga further noted that NNPC declared a ₦5.8 trillion dividend, representing a 35 per cent increase.

Highlighting the company’s operational performance, he said crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years.

Natural gas output, he added, averaged 7.2 billion standard cubic feet per day, representing a three-year high.

Oil and condensate production totalled 565.8 million barrels, up five per cent, while NNPC’s equity share increased by 11 per cent to 223.7 million barrels.

Gas production also reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.

Onanuga then linked the performance to the subsidy debate, arguing against a return to petrol subsidy.

“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco. Our country has no business taking 100 steps back. Forward ever!” he said.

NNPC Records ₦7.2tn Profit

NNPC Ltd had earlier announced a 33 per cent increase in profit after tax for the financial year ended December 31, 2025.

The company’s profit after tax rose from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, while revenue stood at ₦34.5 trillion.

NNPC also reported a 22 per cent increase in EBITDA to ₦18 trillion, a 16 per cent rise in operating cash flow to ₦12.8 trillion and a 32 per cent increase in earnings per share to ₦35.9.

The company declared a ₦5.8 trillion dividend, representing a 35 per cent increase.

On production, NNPC said crude oil and condensate output averaged 1.77 million barrels per day, its highest level in five years, while natural gas production averaged 7.2 billion standard cubic feet per day.

The company said the results reflected stronger earnings capacity and operational momentum as it continues to pursue increased production and investment across the Nigerian oil and gas sector.

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