Economy
Oil tops $100 as Iran vows to keep Hormuz closed
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/03/crude-oil-production.jpg&description=Oil tops $100 as Iran vows to keep Hormuz closed', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/03/crude-oil-production.jpg&description=Oil tops $100 as Iran vows to keep Hormuz closed', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Oil prices soared above $100 and stock markets extended losses as Iran’s new supreme leader ordered the Strait of Hormuz to be kept closed.
Concerns about a long, drawn out conflict were not assuaged by US President Donald Trump saying that stopping the Islamic republic’s “evil empire” was more important than crude prices.
Global markets have been roiled since the United States and Israel launched attacks on Iran. Tehran’s retaliatory strikes on shipping and Gulf neighbours have nearly cut off maritime traffic through the Strait of Hormuz, through which pass around a fifth of the world’s oil and liquefied natural gas.
“Oil prices are up by double-digit percentages again today, as the realisation sinks in that the US is not about to either end the war or institute some kind of convoy system in the region,” said analyst Chris Beauchamp at IG trading and investment platform.
Energy Secretary Chris Wright acknowledged the US military was currently “not ready” to escort tankers through the critical Strait of Hormuz.
Brent North Sea crude, the international benchmark contract peaked at $101.59 per barrel on Thursday.
At $100 per barrel, Brent is up around 38 percent from the eve of the conflict, which began on February 28 when the United States and Israel launched airstrikes against Iran. It is up nearly two-thirds from the start of the year.
Iran’s new supreme leader Mojtaba Khamenei called on Thursday for using “the lever of blocking the Strait of Hormuz”, which the country’s Revolutionary Guards vowed to carry out.
The call followed fresh attacks against Gulf energy targets: an attack on two oil tankers off Iraq killed at least one crew member, while a cargo ship caught fire after being hit by shrapnel.
Oil prices pared their gains after Iran’s deputy foreign minister said that Tehran had allowed ships from some countries to cross the Strait of Hormuz.
The International Energy Agency said the Mideast war “is creating the largest supply disruption in the history of the global oil market”, a day after its member countries agreed to unlock 400 million barrels of oil from their reserves — their largest release ever.
Analyst David Morrison at Trade Nation said that if the announcements of the release of oil from strategic reserves “were supposed to cap prices, then they failed dismally”.
The moves may have “suggested some panic as hostilities across the Middle East intensified”, he added.
The rise in energy prices could cause prices to rise throughout the economy.
“The longer the oil price remains elevated, the more damaging and long lasting the inflation shock will be for the global economy,” noted Kathleen Brooks, research director at trading group XTB.
Wall Street’s main stock indices were down more than one percent in early afternoon trading.
Europe’s leading equity markets closed lower, as did most Asian markets.
eToro US investment analyst Bret Kenwell said that while US equities had held up rather well to date, a long conflict would have a profound impact on businesses.
“If oil doesn’t retreat meaningfully, the pressure won’t just be felt at the pump — it will bleed into margins, spending, and potentially quarters of softer growth,” he said.
The dollar rose further against major rival currencies.
“The dollar has strengthened, driven by safe-haven demand, fears of inflation, and higher-for-longer interest rate expectations,” said Victoria Scholar, head of investment at Interactive Investor.
– Key figures at around 1630 GMT –
Brent North Sea Crude: UP 8.6 percent at $99.88 per barrel
West Texas Intermediate: UP 9.3 percent at $95.38 per barrel
New York – Dow: DOWN 1.2 percent at 46,871.01 points
New York – S&P 500: DOWN 1.2 percent at 6,698.16
New York – Nasdaq Composite: DOWN 1.4 percent at 22,389.89
London – FTSE 100: DOWN 0.5 percent at 10,305.15 (close)
Paris – CAC 40: DOWN 0.8 percent at 7,978.98 (close)
Frankfurt – DAX: DOWN 0.2 percent at 23,589.65 (close)
Tokyo – Nikkei 225: DOWN 1.0 percent at 54,452.96 (close)
Hong Kong – Hang Seng Index: DOWN 0.7 percent at 25,716.76 (close)
Shanghai – Composite: DOWN 0.1 percent at 4,129.10 (close)
Euro/dollar: DOWN at $1.1525 from $1.1574 on Wednesday
Pound/dollar: DOWN at $1.3355 from $1.3419
Dollar/yen: UP at 159.20 yen from 158.92 yen
Euro/pound: UP at 86.31 pence from 86.25 pence
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
The Federal Government, states and local government councils shared a total sum of N2.257 trillion from the Federation Account in April.
Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday.
The revenue was shared at the May 2026 Federation Account Allocation Committee, FAAC, meeting held in Abuja.
The N2.257 trillion total distributable revenue comprised distributable statutory revenue of N1.260 trillion , distributable Value Added Tax, VAT, revenue of N747.088 billion, and augmentation of N250.000 billion.
This indicated that total gross revenue of N3.184 trillion was available in the month of April 2026. The total deduction for cost of collection was N113.756 billion, while total transfers, refunds, and savings were N813.839 billion.
According to the statement, gross statutory revenue of N2.378 trillion was received for the month of April 2026. This was higher than the sum of N1.699 trillion received in the preceding month by N678.224 billion.
Gross revenue of N806.617 billion was available from VAT in April 2026. This was higher than the N664.425 billion available in the month of March 2026 by N142.192 billion.
The communiqué stated that from the N2.257 trillion total distributable revenue, the Federal Government received a total sum of N787.351 billion, and the state governments received a total sum of N772.360 billion.
The local government councils received N540.152 billion, while the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N1.260 trillion distributable statutory revenue, the statement stated that the Federal Government received N580.942 billion and the state governments received N294.661 billion.
The local government councils received N227.172 billion, and the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N747.088 billion distributable VAT revenue, the Federal Government received N74.709 billion, the state governments received N410.898 billion, and the local government councils received N261.481 billion.
The Federal Government received N131.700 billion of the N250.000 billion, the state governments received N66.800 billion, and the local governments received N51.500 billion.
In April 2026, Companies Income Tax, CIT, CGT, SDT, import duty, oil and gas royalty, and VAT increased significantly, while Petroleum Profit Tax, PPT, and hydrocarbon tax, HT, decreased considerably.
Excise duty and CET levies decreased marginally.
Photos: We’re building infrastructure for a knowledge-driven economy – Tinubu
Just in: Kidnapped APC Chairman, Another Victim Die in Abductors hideout
Tinubu Seeks Constitutional Backing For State Police, Writes Senate
-
Metro23 hours agoDisaster Averted in Enugu as Rescue Teams Contain Gas Leak After Truck Crash at Ugwuonyeama
-
News23 hours agoWait for 2027, Presidency Tells Peter Obi Amid Calls for Tinubu’s Resignation
-
News23 hours agoTinubu Appoints Former UNILAG VC Ogundipe as NUC Governing Board Chairman
-
News23 hours agoEl-Rufai confessed to wiretapping NSA’s phone on TV interview- witness
-
News18 hours agoSenator Abba Moro hails Olaka Nwogu on electoral victory
-
Metro23 hours agoBuilding Collapses Along Slaughter Road in Port Harcourt, No Casualties Reported
-
News23 hours agoEx-Delta Gov Okowa Visits EFCC Lagos Office
-
News18 hours agoTinubu set to Flag-Off Construction of Service Carriageways of the Southern Parkway, from Arterial Road S20 (Oladipo Diya way) to Ring Road II, today