Breaking News
US-Iran War: Nigerian Crude Oil Nears $120 Per Barrel
Nigerian crude is again edging towards $120 per barrel as the conflict in the Middle East shows no sign of ending.
The PUNCH reports that data from the Central Bank of Nigeria showed that Bonny Light, Nigeria’s flagship crude oil grade, traded at about $117 per barrel, gradually returning to its April level when prices almost hit $140 at one point. Nigerian crude is usually sold at a premium above the global benchmark, Brent crude.
Oil prices have surged from about $70 per barrel since the war between the United States and Iran erupted, and the Strait of Hormuz, which handles about 20 per cent of global oil transportation, was closed.
According to Al Jazeera, Iran has submitted a response to the latest United States proposal aimed at ending the war through mediator Pakistan.
Iranian Ministry of Foreign Affairs spokesman, Esmaeil Baghaei, told a press briefing on Monday that Tehran’s response to the latest US proposal had been “conveyed to the American side through mediator Pakistan”, the semi-official Tasnim news agency reported.
Washington and Tehran have exchanged several proposals in recent weeks amid a ceasefire that largely halted six weeks of fighting. However, talks mediated by Pakistan have stalled, while US President Donald Trump said the ceasefire was “on life support”.
Baghaei said Iran’s demands include the release of its frozen assets abroad and the lifting of sanctions. “The points raised are Iranian demands that have been firmly defended by the Iranian negotiating team in every round of negotiations,” he said.
Iran has also demanded compensation for war damage, an end to the US blockade of Iranian ports, and a halt to fighting on all fronts, including in Lebanon, where Israeli forces continue their invasion and daily bombardments despite a ceasefire.
Washington had urged Iran to dismantle its nuclear programme and reopen the Strait of Hormuz, which, before the war, transported one-fifth of the world’s crude oil and liquefied natural gas supply.
Trump wrote on Truth Social on Sunday that “the Clock is Ticking” for Iran, warning that “they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
Related News
Trump’s security strategy – A more ‘surgical’ approach
Trump threatens fresh Iran strike despite ongoing talks
Iran forms new maritime agency to control Hormuz Strait traffic
The Iranian news agency, Fars, reported on Sunday that Washington had presented a five-point proposal, making it clear that the US would cease hostilities only if Iran entered formal peace negotiations.
The proposal reportedly included a demand that Iran retain only one operational nuclear site and transfer its stockpile of highly enriched uranium to the US.
In an earlier proposal sent last week, Iran called for an end to the war on all fronts and the removal of the US naval blockade on Iranian ports, which has been in place since April 13.
Fars also reported that the Iranian proposal insisted that Tehran would continue to manage the strategic Strait of Hormuz, a critical global energy route which Iran has largely kept closed since the conflict began.
The report added that the US had refused to release “even 25 per cent” of Iran’s frozen assets or pay reparations for war damage.
Meanwhile, US Treasury Secretary Scott Bessent said on Monday that he would urge G7 finance ministers to align with US sanctions aimed at cutting financing to what he described as Iran’s “war machine”.
Trump is also expected to meet top national security advisers on Tuesday to discuss options for resuming military action, according to US news outlet Axios.
Axios reported that Trump “has got a lot of different people in his ear”, including Israeli Prime Minister Benjamin Netanyahu and “very hawkish people” within his administration.
However, Baghaei said Iran was “fully prepared for any eventuality” should the conflict escalate again. “As for their threats, rest assured that we are fully aware of how to respond appropriately to even the smallest mistake from the opposing side,” the Iranian Foreign Ministry spokesman said.
UMUAHIA – State chairmen of the African Democratic Congress, ADC, have threatened to file contempt proceedings against the national chairman of the party, Senator David Mark and other principal officers over alleged violation of the April 29, 2026, order of the Federal High Court, which declared that the tenure of the state chairmen has not expired.
They accused Senator Mark of acting in violation of the order of the Federal High Court which preserved their tenure until a properly convened and valid national convention is held.
In a letter by their counsel, Kolawole Olowookere, titled; “Re: Demand for strict compliance with the judgement of the Federal High Court delivered on 29th April,2026, in Suit No: FHC/CS/581/2026, Don Norman Obinna &6 ors vs ADC & 6 ors”,the state chairmen alleged that the National Working Committee,NWC,led by Senator Mark has taken actions in violation of the order of the Federal High Court.
The state chairmen also alleged that the Mark led NWC has planned a national convention of the party on 19th May, 2026, on the assumption that the tenure of the state chairmen will expire on that date, which is incorrect.
They further noted that the Mark-led NWC has commenced the sale of nomination forms to aspirants without their involvement, authorization and consent, and urged him to ensure that all actions taken by the party strictly conform with the constitution of the party and judgement of the Federal High Court.
The chairmen maintained that Mark’s action will mar the chances of the party in the 2027 general election.
They urged him to recognize the tenure of the elected state executive committees, suspend the sale of forms and fully comply with the order of the court.
Stressing that they remain committed to the party, the state chairmen also stated that safeguarding the ADC’s chances in the 2027 general election, requires strict adherence to the rule of law and compliance with the judgement of the Federal High Court.
The letter read;” We write to draw your attention to the subsisting judgement of the Federal High Court delivered on 29th April,2026. In the judgement,the court unequivocally recognized and affirmed that the tenure of our clients who are the duly elected state chairmen of the party remain valid and subsisting until the conduct of a valid national convention of the party.
“The legal implications of the judgement is clear and unambiguous. The elected chairmen continue to occupy their offices lawfully until a proper national convention of the party is convened in accordance with the constitution of the party and the order of the court.
“All steps taken by the party must strictly conform with the constitution of the party and order of the Federal High Court.
“Kindly note that any continuous disregard of the said judgement of the Federal High Court may expose the party and its principal officers to contempt proceedings and other appropriate legal actions.”
Breaking News
Senator Jibrin Dares Ododo After Losing Senate Return Ticket, Says “The Battle Line Is Drawn’
The Senator representing Kogi East Senatorial District, Jibrin Isah has declared that “the battle line has been drawn” between himself and the Governor of Kogi State, Ahmed Usman Ododo, following his loss at the Kogi East Senate primary election.
Jibril, who is one of the seven aspirants contesting for the senatorial ticket, alleged irregularities during the exercise, accusing government agents of hijacking electoral materials meant for the primary election.
Speaking after the exercise, where two votes were recorded against his name in his own ward, the senator said he arrived at his ward to cast his vote but discovered that no electoral officer showed up. He added that similar situations were recorded in many other wards across the district.
According to him, the absence of electoral officials and voting materials prevented party members from participating in the process in several affected areas.
He maintained that the development was a deliberate attempt to frustrate his supporters and influence the outcome of the primary election.
The senator further stated that the projects he has executed across Kogi East would guarantee victory for candidates of the All Progressives Congress (APC), including the President, in the senatorial district.
He said he had remained loyal to Governor Ododo and the leadership of the party, but wondered why he was being treated in such a manner despite his commitment and contributions to the APC.
He alleged that the governor went against him because he (Ododo) was told that he (Jubril) would contest the gubernatorial election against him. “Well, with the latest development, I will now contest for the governorship position against Governor Ododo when the time comes,” he said.
The senator called on the leadership of the APC to investigate the alleged hijacking of materials and ensure fairness in the party’s electoral process.
-
Breaking News5 months agoTerrorists Want ₦2m ‘levy’ in Katsina Community Despite Peaceful Agreement
-
Breaking News6 months agoEx-EFCC Exhibit Keeper Kaduna Zonal Directorate, Allegedly Steals ₦22m
-
Breaking News7 months agoNiger Delta Group hails Tinubu, NUPRC for ₦373bn host community fund and 536 life-changing projects
-
Breaking News5 months agoBreaking News: Nigerian Air Force Reportedly Kills 750 Terrorists in Borno State
-
Business7 months agoHouse of Representatives probes $35m modular refinery project
-
Breaking News6 months agoBreaking: Robbery Suspects Caught After Leaving Phone At The Scene
-
Breaking News7 months agoUCL: Osimhen Statement after Galatasaray’s 3-1 Win over Bodo/Glimt
-
Breaking News5 months agoNasarawa Insecurity: Suspects Apprehended, Man Hunt Ongoing – Gov Sule