Connect with us

NEWS

Prices Slide, as 19m Barrels Cross Hormuz Strait

Published

on

President of the United States, Donald Trump, says a record 19 million barrels of oil flowed out of the Strait of Hormuz on Monday.

According to Trump on Tuesday, oil prices are tumbling as a result of the oil flow through Hormuz.

“19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time record. Oil prices are tumbling down, and the world is a much safer place,” Trump said in a post on his social media handles.

According to oilprice.com, Brent crude fell to $76.75 per barrel on Tuesday, down from $77 per barrel on Monday.

The decline in oil prices came after US Vice President JD Vance said progress had been made in discussions with Iran and confirmed that the Strait of Hormuz remained open, reducing fears of a major supply shock in the global oil market.

The benchmark had earlier risen as high as $82.30 per barrel over the weekend amid renewed tensions following threats by US President Donald Trump to restart military action against Iran and Tehran’s announcement that it had again closed the strategic waterway.

High-level officials from the US and Iran concluded their first round of talks in Switzerland on Monday, according to mediators. The discussions began on Sunday under a memorandum of understanding reached last week to extend a fragile ceasefire from April for at least another 60 days.

ALSO READ: Togo Imports N105bn Petrol from DPRP in Q1, 2026

In a move expected to boost oil supply, the US Treasury Department on Monday authorised Iranian oil sales through a general licence that permits the sale of crude oil and petrochemical products of Iranian origin until August 21.

Meanwhile, US Secretary of State Marco Rubio has arrived in Abu Dhabi on Tuesday to meet with Gulf allies.

Addressing newsmen, Rubio said no country would be allowed to charge tolls for shipping in the Strait of Hormuz as he sought to reassure US allies in the Gulf that Washington would take a firm line in peace negotiations with Iran.

Rubio is to meet Gulf allies on Tuesday and Wednesday in an attempt to reassure them that the US remains committed to their security and that the 60-day ceasefire deal struck with Iran last week will not embolden Tehran.

Arriving in Abu Dhabi, Rubio said the US would provide for freedom of navigation through the Strait of Hormuz and that no country would be allowed to charge a toll there, which Iran has said it has a right to do.

“It’s an international waterway. No country is allowed to charge tolls or fees on an international waterway. That’s existing international law. That’s the way it is in international waterways all over the world, and that’s the way we expect it’ll be here,” he said.

NEWS

C’River: Man Takes Own Life Inside Obudu Market, Community Demands N300,000 Cleansing Fee

Published

on

A 56-year-old shoemaker identified simply as Anthony has reportedly died by suicide inside the Obudu Main Market in Obudu Local Government Area of Cross River State.

The incident occurred in the early hours of Sunday, August 23, 2026.

SEE MORE: Forced Marriage Gone Wrong — Borno Police Investigate Alleged Suicide Case

Anthony, who was said to be from Bekwarra Local Government Area, was found dead inside the market, prompting community leaders to shut down the facility.

The leaders reportedly demanded N300,000 from the deceased’s family for cleansing rites, insisting that the circumstances surrounding his death were considered sacrilegious.

Confirming the incident, the Cross River State Police Public Relations Officer, ASP Sunday Eitokpah, said the deceased was a 56-year-old man simply identified as Anthony.

Eitokpah said the police had commenced an investigation to establish the circumstances surrounding the death and determine whether foul play was involved.

He said, “Police operatives visited the scene, documented the area, and recovered the body to the mortuary. The circumstances surrounding the death are yet to be established.

“Further updates will be provided as the investigation progresses.”

The police spokesman’s statement indicates that the exact circumstances of Anthony’s death remain under investigation.

 

Continue Reading

NEWS

“Tinubu Deserves to Be President for Long, Long Time” — Olubadan

Published

on

The Olubadan of Ibadan, Oba Rasheed Ladoja, has said President Bola Tinubu deserves to remain in office for a long time, citing the performance of his administration.

Ladoja made the declaration on Monday at the flag-off ceremony for the dualisation of the Ibadan-Ijebu Road in Ogun State, where Tinubu was represented by Ogun State Governor, Dapo Abiodun.

The monarch said the event should not be interpreted as an All Progressives Congress, APC, rally, despite repeated references to the ruling party during the ceremony.

ALSO READ: Tinubu’s Men Bomb Atiku on Fuel Subsidy

“I’ve been hearing everybody talking APC, APC. Bola Tinubu is not an APC man, no. Bola Tinubu is working and deserves to be president for a long, long time,” Ladoja said.

According to him, the gathering was primarily organised to appreciate Tinubu for approving the road project, which he described as important to the safety and economic wellbeing of residents of Ibadan and surrounding areas.

“This is not an APC rally. It is a rally that we are here to thank Mr President for making this road project possible,” he said.

Ladoja said the road had been associated with security concerns, particularly kidnapping incidents, adding that its reconstruction would improve safety and connectivity.

“Those of us in Ibadan know that the only area in Ibadan, where terrorists have been kidnapping people is this road,” the monarch said.

He maintained that Tinubu’s decision to approve the project demonstrated his concern for the people and argued that the President’s performance should not be viewed solely through the lens of party politics.

“He deserves more than being an APC president. He’s not an APC president. He’s president of Nigeria,” Ladoja said.

The Olubadan, however, acknowledged that the President’s performance could strengthen the APC’s chances in future elections.

“The only thing I can look at is that his performance is likely to help the APC win elections. So, we are not discounting the performance of Mr President at all,” he said.

Ladoja added that opposition parties seeking to challenge the ruling party would have to convince voters that they could provide a credible alternative.

“We believe he deserves a long tenure, even though other parties are scrambling to say they are there when they are not visible,” he said.

He expressed confidence that voters in Ibadan would ultimately determine their political choice when the time comes.

“We believe that by the time election comes, the people of Ibadan land will talk,” the monarch said.

The event was attended by Minister of Works, Dave Umahi; Ogun State Deputy Governor, Noimat Salako; APC governorship candidate in Oyo State, Sharafadeen Abiodun Ali; and other dignitaries.

Continue Reading

NEWS

JUST IN: Midnight Fire Razes Nearly 300 Shops in Ibadan Market

Published

on

An early Monday morning fire has destroyed several shops at the popular Oranya Market in Ibadan North-East Local Government Area of Oyo State.

The fire, which reportedly started around midnight, affected traders dealing in gold, furniture, second-hand clothes and other goods.

A trader identified as Iya Alia said nearly 300 shops were affected by the inferno.

SEE ALSO: BREAKING: Court Sentences Three to Life Imprisonment Over Oyo School Kidnapping

“The fire started around midnight. I cannot be specific about that time. And those affected were gold sellers, furniture sellers, second-hand clothes sellers and many others. The shops affected were almost 300.”

Another eyewitness described the incident as devastating, saying close to 300 shops were destroyed.

Confirming the incident, the Special Adviser to Governor Seyi Makinde on Fire Reforms and State Chairman of Fire Services, Morof Akinwande, said the fire started in the middle of the market following an explosion.

He, however, said the exact number of shops destroyed could not yet be established.
“Yes, it occurred. That number we cannot ascertain, but what is known is that some shops were destroyed and the fire incident started in the middle of the market with an explosion.”

Akinwande said it was too early to determine whether the explosion was caused by gas or another source, adding that the situation had been brought under control since about 1am.

“Whether it’s a gas explosion or other things. And when you have a gas explosion, it would spread, but as I am talking to you, the situation has been under control since 1 am.”

He explained that determining the number of affected shops and the value of goods lost would require a post-fire investigation.

“On the number of shops and inventory, that is too early because that’s post-fire outbreak investigation. So, I cannot be accurate about the number of shops that were destroyed. But shops were actually gone.”

The incident comes barely two days after another fire outbreak destroyed nine locked-up shops at the Nigerian Railway shopping complex along the popular Aleshinloye Market in Ibadan South-West Local Government Area.

The August 22 fire reportedly destroyed goods, household items and other properties worth millions of naira.

One of the affected traders, Busari Olayemi, said products worth about ₦21 million were destroyed, including window blinds, curtain fabrics, industrial sewing machines and other equipment.

Oranya Market also witnessed a major fire outbreak in 2024, when more than 200 shops in the herbal section were reportedly completely destroyed.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x