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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

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200 Lecturers Resign from Kaduna Varsity as ASUU Threatens Indefinite Strike

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Students appeal to ASUU to suspend 7 months-old strike

The Academic Staff Union of Universities (ASUU), Kaduna State University (KASU) chapter, has raised the alarm over the resignation of more than 200 lecturers from the institution amid concerns over poor conditions of service and the non-implementation of the 2025 Federal Government-ASUU Agreement.

Chairman of ASUU-KASU, Dr Abubakar Abdullahi, disclosed this at a press conference in Kaduna on Monday.

Abdullahi said the lecturers, including professors, had left the university for newer institutions within and outside Kaduna State.

SEE ALSO: FG Warns ASUU Against Strike, Insists On ‘No Work, No Pay’ Policy

He attributed the mass exodus to poor remuneration and declining welfare conditions, noting that the situation could have serious consequences for teaching, research and academic development at the institution.

According to him, the 2025 Federal Government-ASUU Agreement, which took effect in January 2026, provided improved conditions of service for academic staff in Nigerian universities.

However, he said implementation had yet to commence at KASU, despite several letters written by the union to the university management and governing council.

He added that the Visitor to the university, Kaduna State Governor Uba Sani, had also been notified of the situation.

Abdullahi expressed concern that more than eight months after the agreement was signed, KASU had yet to commence implementation, while many federal universities and some state-owned institutions had already started implementing the agreement.

He said some universities had also announced timelines for the payment of accrued arrears.

The ASUU chairman said the delay had made KASU academic staff among the least-paid university workers nationwide and warned that continued inaction would lead to the accumulation of salary arrears from January 2026.

He further warned that replacing experienced academics who had left the university would take years and require significant resources.

“Replacing highly skilled academics would take years and require significant resources,” he said.

The union has consequently issued a two-week ultimatum to the Kaduna State Government and university authorities to implement and domesticate the agreement.

Abdullahi warned that failure to meet the demands within the stipulated period could result in a total and indefinite strike at the university.

He disclosed that the ASUU-KASU congress met on August 12 to review the situation and resolved to declare an industrial dispute.

According to him, the decision was consistent with a resolution of ASUU’s National Executive Council following its meeting at the University of Abuja on August 8 and 9.

Beyond the implementation of the agreement, Abdullahi listed other unresolved issues affecting members of the union, including university autonomy, excessive workload, promotion arrears, death benefits, group life insurance coverage, wage awards and pension remittances.

He urged the relevant authorities to urgently address the issues, saying timely intervention would help preserve peace and stability within the university.

The ASUU-KASU chairman also appealed to parents and other stakeholders to support efforts to avert industrial action.

He reaffirmed the union’s commitment to pursuing its demands through lawful means and expressed hope that the government and university authorities would take concrete steps before the ultimatum expires.

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International News

Ferrari’s First Electric Car Makes History With Record $40m Auction Sale

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Ferrari’s first fully electric car, the Luce, has made automotive history after a bespoke version of the vehicle sold for a record $40 million at a charity auction in California.

The tailor-made Ferrari Luce “Chassis 0” was sold during Monterey Car Week on Saturday, becoming the most expensive new car ever sold at auction, according to collector car auction company RM Sotheby’s.

The winning bid was 36 times the car’s original estimate of $1.1 million.

SEE MORE: Police Arrest Man For Driving Fake Ferrari In Italy

Ferrari USA celebrated the landmark sale in an Instagram post, saying, “The bids kept climbing. Then, history was made,” while describing the transaction as a new record for the highest-priced new car ever sold at auction.

The sale comes months after Ferrari unveiled the Luce in May. The electric model features a distinctive bubble-like design that differs significantly from the Italian automaker’s traditional angular styling and has received mixed reactions from some Ferrari enthusiasts.

Ferrari previously described the Luce as “a different sort of Ferrari for a different sort of Ferrari client.”
The Luce is powered by four electric motors, with one motor driving each of its four wheels.

The exclusive “Chassis 0” features a pearl-like semi-gloss finish with a personalised pigment that produces changing reflections ranging from green to violet when struck by light.

Its interior is equally distinctive, featuring Perla Le Mans metallic leather and black design elements against a predominantly white background.

Ferrari said proceeds from the record-breaking auction will go to The Ferrari Foundation to support educational initiatives.

Following the auction, the vehicle will return to Maranello, northern Italy, where it was built, before being delivered to the unnamed winning bidder in the first quarter of 2027.

Meanwhile, deliveries of the regular Ferrari Luce, priced at about €550,000 ($640,000), are expected to begin in the fourth quarter of 2026.

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NEWS

ICPC Moves Against Corruption, Trains 100 Lake Chad Research Institute Staff

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FG Invites ICPC Over Diversion Of N-power Funds Independent Corrupt Practices and Other Related Offences Commission

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has sensitised 100 staff members of the Lake Chad Research Institute (LCRI), Maiduguri, Borno State, on the need to uphold integrity, accountability and transparency in public service.

The Commission disclosed this via its X account on Monday, following a one-day anti-corruption education workshop organised at the institute’s conference hall.

SEE ALSO: BREAKING: Four Police Officers Arrested for Extorting ICPC Chairman in Abuja

The programme, themed “Promoting Integrity, Accountability, and Transparency in Public Service: The Role of Staff in Combating Corruption,” was aimed at equipping the institute’s workforce with knowledge of ethical standards and corruption prevention strategies.

Speaking during the programme, the Executive Director of the Lake Chad Research Institute, Professor Babagana Kabir, reaffirmed the institute’s commitment to transparency and collaboration with anti-corruption agencies.

Kabir urged staff to embrace professionalism and integrity, warning that corruption undermines institutional effectiveness, research development and public confidence in government institutions.

The Resident Anti-Corruption Commissioner, Mr Linus Gubbi, highlighted the strategic importance of the Lake Chad Research Institute to Nigeria’s socio-economic development, particularly its contributions to agricultural research, crop improvement and land-use strategies that affect food security across the Lake Chad Basin.

Gubbi warned that vital public research could not thrive in an environment affected by corrupt practices.

He noted that when public resources, research grants or administrative processes are compromised through favouritism, procurement irregularities or financial opacity, citizens who depend on the institute’s innovations ultimately suffer the consequences.

The RACC stressed that the fight against corruption is not the sole responsibility of anti-corruption agencies but a collective duty that begins with individual public officers.

A lead paper titled “Anti-Corruption and Work Ethics in Organisations” was presented by ACS Abba Dzikwi.

The presentation examined the legal framework for combating corruption, various forms of corrupt practices in public institutions and the consequences of unethical conduct.

It also emphasised the importance of strong work ethics to organisational efficiency, effective service delivery and national development.

Participants subsequently engaged the ICPC team during an interactive question-and-answer session, seeking clarification on reporting mechanisms, whistleblowing procedures and the Commission’s mandate.

The ICPC team reiterated the importance of confidentiality in handling corruption reports.

Gubbi also encouraged the institute to strengthen its internal controls and transparency mechanisms, assuring the management of the Commission’s readiness to provide guidance and support for institutional integrity initiatives.

In his concluding remarks, he urged participants to go beyond merely receiving the sensitisation and instead put the lessons into practice by challenging unethical practices and promoting a culture of service that reflects the highest standards of the Nigerian Public Service.

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