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After Trump’s comment that war with Iran will be over soon, oil prices drop
The price of oil has dropped sharply after US President Donald Trump said that the war in Iran would come to an end “very soon”.
Oil had reached almost $120 a barrel on Monday over fears that the conflict would cause lengthy disruption to energy supplies from the Middle East, but dropped back to around $93 following Trump’s comments.
Although crude prices are still significantly higher than they were before the war, stock markets rose on Wall Street and in Asia.
The president said he thought “the war is very complete, pretty much”, although he later warned Iran to not block the Strait of Hormuz, a shipping route crucial to global oil and gas supplies.
“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” he said on social media.
The Islamic Revolutionary Guard Corps said “in response to Trump’s nonsense”, that Iran”s armed forces will “not allow the export of a single liter of oil from the region”.
Earlier on Monday, Trump told a news conference in Florida: “We took a little excursion because we felt we had to do that to get rid of some evil. Then, I think you’ll see it’s going to be a short-term excursion.”
During trading in Asia, Brent crude fell below $84 a barrel at one point before rebounding to $93.76.
US West Texas Intermediate (WTI) crude fell 4% to $90.96 a barrel.
The fall in oil prices on Tuesday has given traders a moment to “exhale”, but energy markets remain in a state of “total tug-of-war”, said Alberto Bellorin from oil and gas investment firm InterCapital Energy.
Oil trading will “remain incredibly twitchy” and prices are likely to spike if the conflict escalates and fall if it seems to be easing, he said.
Share prices in Asia made gains as concerns about the economic impact of he conflict eased.
Japan’s Nikkei 225 closed up 2.9%, recovering some of Monday’s losses, while South Korea’s Kospi gained 5.4%.
Stock markets in the region had been hit hard the previous day on investor concerns that disruptions in the Gulf could mean higher inflation and rising interest rates.
The Strait of Hormuz is crucial to the global energy market as around a fifth of the world’s oil passes through the narrow waterway.
While the price of oil has fallen from Monday’s peak it is still around 20% higher than it was before the US and Israel launched airstrikes on Iran just over a week ago, said Park Kee Hyun from the S Rajaratnam School of International Studies.
Prices will remain “volatile” as the firms will charge a premium for shipments to account for any risk of the situation worsening, Park said.
Trump’s comments may suggest the war may end soon, but the bigger question is whether those remarks are followed by concrete changes in the conflict zone, he added.
G7 nations on Monday said they were ready to take “necessary measures” to address the global supply of energy in the light of surging oil prices.
Finally, Minister of Power Adebayo Adelabu has resigned from President Bola Tinubu’s cabinet.
In a resignation letter dated April 22, 2026, and addressed to President Bola Tinubu, Adelabu said the decision would take effect from April 30, 2026, to allow for a smooth transition.
The letter, routed through the Office of the Secretary to the Government of the Federation, stated that he was stepping down with “a deep sense of honour and profound gratitude.”
He wrote, “I write with a deep sense of honour and profound gratitude to formally tender my resignation as the Honourable Minister of Power of the Federal Republic of Nigeria. This resignation is to take effect on 30th April 2026, in order to allow sufficient time for a smooth and orderly handover of responsibilities.”
Adelabu thanked the President for the opportunity to serve, describing his appointment as a privilege.
He said, “Your Excellency, I remain sincerely grateful for the privilege and confidence you reposed in me by appointing me to serve our great nation in this capacity.
It has been a rare honour to contribute to national development under your leadership and to play a role in advancing reforms in the power sector—one of the most critical foundations of Nigeria’s industrial growth and economic transformation.”
By Gloria Ikibah
As part of efforts to strengthen the country’s security architecture, President Bola Tinubu, has sent a formal communication to the House of Representatives on seeking legislative approval for the repeal and re-enactment of the Nigerian Police Trust Fund (NPTF) Establishment Act, 2025.
The request which was transmitted to the House for consideration and passage on Wednesday at plenary, underscores the need to improve the management and administration of the fund, enhance police training, and provide modern equipment for the Nigeria Police Force.
According to the letter,, the proposed amendment is aimed at boosting the operational capacity, accountability, and sustainability of the Police Trust Fund in line with current security challenges.
The President urged lawmakers to give the bill expeditious consideration, as the said the reform will improve the welfare of police personnel and support skill development across the force.
In another development, the House Committee on Rules and Business has moved to tighten legislative discipline, directing all standing and ad hoc committees to submit reports on bills and motions within set timelines in line with House procedures.
Chairman of the committee, Rep. Francis Uwaive, reminded all committee chairmen to treat all assigned matters within 30 days, with the risk of losing such assignments after 60 days if no progress is made, except where a short extension is granted.
A firm deadline has also been set for all outstanding reports, with the end of April 2026 as the cut-off point, and non-compliance attracting automatic discharge.
Amid the formal proceedings, lawmakers briefly paused to celebrate two members marking their birthdays, acknowledging their contributions to public service and national development.
The mood later shifted as the House paid tribute to a former member of the Fifth Assembly, observing a minute’s silence in his honour following his passing after a prolonged illness.
He was remembered for his dedication and service to his constituents in Benue State, with colleagues noting that his death represents a significant loss to the legislature and the country.
Iran’s Revolutionary Guards said on Wednesday that their naval forces stopped two ships attempting to cross the Strait of Hormuz and directed them to the territorial waters of the Islamic Republic.
“The Islamic Revolutionary Guard Corps naval force this morning identified and stopped in the Strait of Hormuz two violating ships,” the Guards said in a statement.
“The two offending ships… were seized by the IRGC’s naval forces and directed to the Iranian coast.”
They identified one ship as “MSC-FRANCESCA”, which they said belonged “to the Zionist regime” in reference to Israel, and the other as “EPAMINONDAS”, which they said was “tampering with navigation systems and jeopardising maritime security.”
The Guards further warned against any action against the regulations imposed by the Islamic republic in the strait “as well as activities contrary to the safe passage” through the waterway.
Tehran has said vessels must seek permission to leave of enter the Gulf through Hormuz, through a route that in peacetime accounts for a fifth of the world’s oil and gas exports along with other vital commodities.
Source: AFP
BREAKING: Finally, Power Minister, Adelabu resigns from Tinubu’s cabinet
Reps Begin Review of Police Trust Fund Law, Tighten Timeline for Committee Work
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