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

Published

4 weeks 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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Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 hour ago

July 21, 2026

OCHEFA

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

10 hours ago

July 21, 2026

OCHEFA

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File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.