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By Ron Bousso London, March 16, 2026 – The U.S. is rapidly running out of shock absorbers to cushion the oil market from the loss of Middle Eastern crude supplies as the Iran war rages, raising the risk of a deeper global economic slowdown if demand destruction accelerates. As the U.S.-Israeli war on Iran enters its third week, at least 15% of the world’s oil supplies remain effectively trapped inside the Gulf following the closure of ​the Strait of Hormuz, the region’s vital maritime chokepoint, according to Reuters calculations. Saudi Arabia, …

London, March 16, 2026 – Oil prices ‌rose on Monday as the U.S.-Israeli war on Iran continued to disrupt oil production and shipping in the Middle East, despite U.S. President Donald Trump’s call for global efforts to secure the vital Strait of Hormuz. Brent crude futures rose $2.30, or 2.2%, to $105.44 a barrel by 0903 GMT. U.S. West Texas Intermediate crude gained $1.29, or 1.3%, to $100 ​a barrel. Both contracts have surged more than 40% this month to their highest since 2022, after the U.S.-Israeli attacks on Iran prompted …

By Paul Ejime “Nigeria reached out to the U.S. and Ghana for cooperation before the American military strikes against Jihadist terrorist groups in December 2025,” – Ghana’s Foreign Affairs Minister, Samuel Ablakwa. Abuja, March 12, 2026 – Africa’s Sahel region, extending to West Africa, is regarded as the epicentre of global terrorism, with insecurity disrupting governance and leading to unnecessary loss of lives and humanitarian displacements. The erstwhile multilateral frameworks, such as the G5 Sahel, the Accra Declaration on Terrorism and Unconstitutional Change of Government, and the Multinational Joint Task …

Sao Paulo, March 12, 2026 – Cocoa farmers in Brazil have slammed the brakes on new planting projects following a 70% plunge in cocoa prices from their 2024 record high, stalling growth that investors had expected would make the country a ​major supplier of the main ingredient in chocolate. At current prices of around $3,000 per metric ton, farmers and analysts told Reuters they expected around half the projects in Brazil to ‌grow cocoa on an industrial scale could be canceled. The projects, centered in Northeastern Brazil, would have added …

Lagos, March 12, 2026 – The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday reduced its petrol price to N1,165 per liter from N1,260 per litre. The price reduction has been reflected by all NNPCL filling stations in Abuja and environs. The NNPC price reduction followed the Dangote Refinery price reduction on Tuesday which  reduced its ex-gantry price of petrol to ₦1,075 per litre ₦1,175 per litre. Anthony Chiejina, the Dangote Group Chief Spokesman, said the company had also reduced the price of diesel to ₦1,430 per litre from ₦1,620 …

Washington, March 12, 2026 – The Iran war is causing unprecedented turmoil in oil markets, hitting 7.5% of global supply and an even bigger swath of exports, the International Energy Agency said. “The war in the Middle East is creating the largest supply disruption in the history of the global oil market,” the IEA said in its monthly report on Thursday. The previous day, its members agreed to release an unprecedented 400 million barrels from emergency reserves to counterract the chaos. The most immediate impact of the war on energy …

Kentucky, March 12, 2026 – President Donald Trump said the massive release of emergency oil reserves approved by the International Energy Agency would ease energy price pressures while the US seeks to “finish the job” in its campaign against Iran. Speaking in Kentucky on Wednesday evening, Trump said the move would “substantially reduce oil prices as we end this threat to America and this threat to the world.” The confirmation did little to calm volatile markets. Brent crude jumped above $100 a barrel after Oman cleared all vessels from its …

Lagos, March 12, 2026 – Union Bank of Nigeria says it has reaffirmed its commitment to gender equity through a focused initiative centred on women living with disabilities and women raising children with disabilities in observance of International Women’s Month 2026. Aligned with the global theme “Give to Gain,” the Bank’s campaign “Give to Gain: Creating Pathways for Inclusion and Endless Opportunities” centres the lived experiences of women living with disabilities and underscores the need for intentional systems of support for social and economic advancement. Throughout March, Union Bank will …

Abuja, March 12, 2026 – Wale Edun, the Minister of Finance says the federal government will not regulate current high petrol prices caused by the Middle East crisis. He said rather the federal government is introducing some palliatives to cushion the effects of the higher petrol prices on Nigerians. The minister said this on Wednesday while speaking on “Politics Today”, a programme of Channels Television. He said the president had ordered the provision of 100,000 additional compressed natural gas (CNG) conversion kits to enable vehicles switch to CNG fuel which …

Beijing/Singapore, March 12, 2026 – Oil prices rose on Thursday as Iran stepped up attacks on oil and transport facilities across ‌the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz. Brent futures were up $4.47, or 4.86%, to $96.45 a barrel at 0733 GMT, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude climbed $4.05, or ​4.64%, to $91.30. Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump …