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.

Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.

The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.

They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.

He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.

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Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.

He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.

Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.

He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.

Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.

Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.

President Bola Tinubu has assured journalists that they have nothing to fear from his administration for criticising or attacking him, reaffirming his commitment to press freedom.

Tinubu gave the assurance on Thursday in Abuja during the centenary celebration of the Daily Times and the unveiling of the Nigerian Grand Book and Times Heroes Awards.

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The President, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, said the media remained essential to Nigeria’s development, accountability and preservation of the country’s history.

He said his administration was committed to the constitutional freedom of the press, stressing that journalists should be able to scrutinise government without fear of retaliation.

The President stated that under his administration, Nigerians could criticise or attack him without expecting government officials to retaliate against them.

Tinubu also used the occasion to emphasise the importance of preserving Nigeria’s history.

He said the Nigerian Grand Book would enable Nigerians to document the country’s story from their own perspective and preserve important institutional memories for future generations.

According to him, understanding the nation’s past would help Nigerians learn from previous successes and failures while building a stronger future.

Adesina Urges Nigerians to Build on Existing Foundations

Delivering the keynote address, former President of the African Development Bank, Dr Akinwumi Adesina, said nation-building was a continuous process that required contributions from successive generations.

Adesina noted that no country could be built by one individual or a single administration, stressing the importance of leadership that leaves stronger foundations for those who come after.

He also called for unity of purpose among Nigerians, saying the country’s diversity should be harnessed toward building a prosperous future.

Daily Times Honours Nigerians

The centenary celebration also featured the Times Heroes Awards, with prominent Nigerians receiving recognition for their contributions to society.

The Ooni of Ife, Adeyeye Ogunwusi, received the Community Impact Award, while Adesina received the Global Impact Award.

Founder and Editor-in-Chief of ThisDay, Prince Nduka Obaigbena, was honoured with the Media Icon of the Decade Award.

Minister of Aviation and Aerospace Development, Festus Keyamo, received the Minister of the Decade Award, while APC National Chairman, Prof. Nentawe Yilwatda, was named Politician of the Year.

Several state governors and lawmakers were also recognised at the event.

The celebration marked 100 years of the Daily Times and highlighted the newspaper’s longstanding role in Nigeria’s media history and national development.