Business

Brent crude surges to $104 amid escalating Iran conflict

U.S. President Donald Trump said over the weekend that he was demanding other countries help to protect the key maritime corridor, adding that he was in conversation with several allies about securing the strait.

Published

4 months ago

March 16, 2026

OCHEFA

240 Views

Oil prices rose on Monday morning as the Trump administration ramps up pressure on allies to help safeguard the Strait of Hormuz and investors react to threats facing Middle East export facilities.

According to CNBC, international benchmark Brent crude futures with May delivery traded 1.5% higher at $104.72 per barrel, paring earlier gains, while U.S. West Texas Intermediate futures with April delivery advanced 0.3% to $98.91.

U.S. crude had surpassed $100 earlier in the session.

Both contracts have surged more than 50% over the past month, reaching their highest levels since 2022, as shipping traffic through the Strait of Hormuz has been severely disrupted.

Brent closed above $100 for the first time in four years last week.

The narrow waterway is a critical energy choke point that typically carries roughly 20% of the world’s oil.

Related Topics:Featured global oil supply Global oil supply disruptions

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

6 hours ago

June 30, 2026

Charles Flames

22 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

10 hours ago

June 30, 2026

OCHEFA

18 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”