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Crude Oil Prices Plunge Following Progress in US-Iran Nuclear Talks

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53 minutes ago

June 22, 2026

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Oil prices tumbled sharply on Monday as reports of advancing diplomatic talks between the United States and Iran eased fears of supply disruptions in the Middle East, a key global crude production hub.

Brent crude futures fell more than 4% in early trading, dropping below $78 per barrel, while West Texas Intermediate (WTI) crude lost over $3, trading around $74. The decline marks the steepest one-day drop in several weeks.

Market analysts attributed the sell-off to optimism surrounding indirect negotiations between Washington and Tehran aimed at reviving elements of the 2015 nuclear deal. Sources familiar with the discussions indicated that both sides have shown flexibility on key issues, including sanctions relief in exchange for limits on Iran’s uranium enrichment program.

“Geopolitical risk premium that had been built into oil prices is evaporating fast,” said Sarah Thompson, senior commodities analyst at Global Energy Insights. “Any de-escalation in US-Iran tensions typically leads to a swift market reaction, as investors price in the potential return of Iranian barrels to the international market.”

Iran, which holds some of the world’s largest proven oil reserves, has been largely cut off from global markets due to stringent U.S. sanctions. A successful diplomatic breakthrough could add hundreds of thousands of barrels per day to global supply within months, according to industry estimates.

The price drop comes amid other supportive factors for lower energy costs, including strong U.S. production levels and signs of moderating demand growth in China. However, some traders cautioned that the talks remain fragile and any setback could quickly reverse the gains.

White House officials declined to comment on specifics but reiterated the administration’s commitment to preventing Iran from developing nuclear weapons through diplomacy when possible.

Energy markets will closely watch developments in the coming days, with the next round of discussions expected to take place in a European capital.

Related Topics:Crude Oil Prices Progress in US-Iran Nuclear Talks

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Okereke-Onyuike Hails CIS First Female President, Ahimie

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Nigeria Customs Service to retire 1,516 officers

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Okereke-Onyuike Hails CIS First Female President, Ahimie

Okereke-Onyuike commended the CIS for demonstrating confidence in the leadership capacity of women and for taking a bold step towards strengthening gender balance in the profession.

Published

25 minutes ago

June 22, 2026

OCHEFA

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Photo: Okereke-Onyuike

Former Director-General of The Nigerian Stock Exchange (now NGX), Professor Ndi Okereke-Onyuike, has described the emergence of Dr Fiona Ahimie as the first female and 14th President and Chairman of Council of the Chartered Institute of Stockbrokers (CIS) as a historic breakthrough for gender inclusion and leadership within Nigeria’s capital market.

Professor Okereke-Onyuike made the remarks when she hosted Ahimie and a high-powered delegation from the Institute on a courtesy visit ahead of the President-Elect’s inauguration scheduled for June 25, 2026.

During the visit, Ahimie formally invited Professor Okereke-Onyuike to attend the historic event.

Welcoming the delegation, Professor Okereke-Onyuike expressed delight at the election of Dr Ahimie, noting that her emergence represents a defining moment in the 30-year history of the Institute and a significant milestone for women in the financial services sector.

Okereke-Onyuike commended the CIS for demonstrating confidence in the leadership capacity of women and for taking a bold step towards strengthening gender balance in the profession.

Business

Nigeria Customs Service to retire 1,516 officers

According to the documents, officers across all cadres, from the rank of Deputy Comptroller-General to Customs Assistant II, will exit the service in line with statutory retirement provisions.

Published

2 hours ago

June 22, 2026

OCHEFA

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The Nigeria Customs Service will disengage 1,516 officers nationwide over the next two years.

The retirement notices were contained in two circulars issued by the Service’s Human Resource and Development Department and signed by the Comptroller, Establishment, A.A. Bazuaye, on behalf of the Deputy Comptroller-General, Human Resources and Development.

According to the documents, officers across all cadres, from the rank of Deputy Comptroller-General to Customs Assistant II, will exit the service in line with statutory retirement provisions.

The first document, Circular No. HRD/2025/048 dated September 19, 2025, contains the final list of 825 officers scheduled to retire in 2026.

A second Circular No. HRD/2026/020 dated May 26, 2026, forwarded a draft list of 691 officers due for statutory retirement in 2027.

In both circulars, the Service directed affected officers to proceed on mandatory pre-retirement leave in accordance with Public Service Rule 100238 and Federal Government Circular No. 63216/S.I/X/T; CR 1/2001/5 of March 20, 2001.

The officers were further directed to ensure compliance and forward their three-month pre-retirement notice to the Comptroller-General of Customs accordingly.