Economy
Oil Prices Jump, Stocks Fall On Middle East Tensions
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Oil prices surged and major stock markets mostly retreated Thursday as investors reacted to fears of widening conflict in the Middle East.
Prices jumped after US President Joe Biden said he was “discussing” possible Israeli strikes on Iranian oil sites in retaliation for Tehran’s missile barrage on Israel.
Brent, the international benchmark, surged more than five percent to $77.62 a barrel, with US contract West Texas Intermediate rising similarly.
Major US stock indices spent most of the day in the red, with the S&P 500 ending down 0.2 percent.
London, Paris and Frankfurt all closed in the red.
A strike by US dockworkers and speculation about the US Federal Reserve’s next interest rate moves also had an influence on investors, with a key employment report coming Friday.
The dollar gained, helped by its haven status, with the British pound sinking more than one percent against the greenback as Bank of England chief Andrew Bailey hinted at faster cuts to UK borrowing costs.
In Asia, Tokyo closed two percent higher as the yen eased, providing oxygen to the country’s exporters.
Hong Kong fell for the first time in more than a week, after a blistering surge fueled by China’s bold steps to stimulate its weak economy.
Iran’s missile attack on Israel this week has raised fears that Israel’s conflict with Tehran-backed groups in Gaza and Lebanon may grow into a wider regional war.
“Markets are in a state of suspense, bracing for Israel’s anticipated retaliation against Iran — a move that could catapult oil prices skyward,” said independent markets analyst Stephen Innes.
Iran, which backs Lebanese militant group Hezbollah, said it would step up its response if Israel counterattacked.
More than 1,000 people have so far been killed in the Israeli bombardment of Lebanon, which has included strikes on Beirut.
Israel’s military said Thursday it had hit Hezbollah’s intelligence headquarters in the Lebanese capital, as troops battled militants near the border and warplanes dropped bombs around the country.
Analysts, however, said oil price gains could be limited as US stockpiles rose more than expected last week while Libya’s eastern administration announced Thursday it had ended a month-long production and export blockade.
The Saudi-led OPEC+ oil cartel is due to raise production from December, further easing concerns about supply.
Investors will turn their attention to key US non-farm payroll jobs report on Friday, which could provide clues about the Fed’s plans for interest rates after last month’s first cut in four years.
Data on Wednesday showed a surprise uptick in US private sector hiring in September.
“Friday’s official payroll report will be critical, especially as markets weigh geopolitical risks against the domestic economy’s performance,” said Fawad Razaqzada, market analyst at City Index and Forex.com.
Key figures around 2030 GMT
Brent North Sea Crude: UP 5.0 percent at $77.62 per barrel
West Texas Intermediate: UP 5.2 percent at $73.71 per barrel
New York – Dow: DOWN 0.4 percent at 42,011.59 (close)
New York – S&P 500: DOWN 0.2 percent at 5,699.94 (close)
New York – Nasdaq: DOWN less than 0.1 percent at 17,918.48 (close)
London – FTSE 100: DOWN 0.1 percent at 8,282.52 (close)
Paris – CAC 40: DOWN 1.3 percent at 7,477.78 (close)
Frankfurt – DAX: DOWN 0.8 percent at 19,015.41 (close)
Tokyo – Nikkei 225: UP 2.0 percent at 38,552.06 (close)
Hong Kong – Hang Seng Index: DOWN 1.5 percent at 22,113.51 (close)
Shanghai – Composite: Closed for a holiday
Pound/dollar: DOWN at $1.3124 from $1.3266 on Wednesday
Euro/dollar: DOWN at $1.1029 from $1.1048
Euro/pound: UP at 84.03 pence from 83.26 pence
Dollar/yen: UP at 146.92 from 146.38 yen
AFP
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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