By Adedapo Adesanya

The price of Brent crude futures, the global oil benchmark, declined by $3.34 or 4.3 per cent on Wednesday to settle ​at $73.74 per barrel, its lowest level before the start of the Iran war on February 28, 2026.

Also, the US West Texas Intermediate (WTI) crude futures lost $2.87 or 3.9 per cent during the session to sell for $70.34 a barrel.

The development came as supply concerns eased with more stranded oil tankers exiting the Strait of ‌Hormuz, which had been blocked since late February.

Market analysts noted that crude oil flows through the Strait of Hormuz are similar to ​what they were before the start of the Iran war, as tankers exit the key waterway with the help of military escorts. Around 20 million barrels of crude oil have exited the Strait of Hormuz in the last 24 hours.

Before the war began in late February, roughly 125 ships passed through the chokepoint each day, but current traffic remains a fraction of that.

Reuters reported that three stranded tankers ​carrying 5 million barrels of crude oil exited the strait on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the US began to unlock more supply stuck in the Gulf.

As Middle Eastern producers scramble to move crude that has spent months stranded in the Persian Gulf, tanker rates have exploded higher. The cost of hiring a tanker in the Gulf has nearly doubled in just a week, jumping from around $106,000 per day to more than $190,000 per day. For some very large crude carriers (VLCCs) hauling cargoes through Hormuz, daily earnings have surged to nearly $470,000.

The US also authorised Iranian oil sales this week, easing decades-old sanctions as it pushes toward a final peace deal with Iran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.

Oman said it would keep ​the strait open to shipping without imposing ⁠tolls and had designated two temporary routes north and south of the existing shipping lane to facilitate the safe passage of vessels leaving the region.

Crude inventories in the US remained tight ​on strong refining demand ⁠and amid a release of oil from the government’s emergency stash. The Energy Information Administration (EIA) said crude stocks, including commercial and those in the Strategic Petroleum Reserve, fell by 15.1 million barrels to 743.3 million barrels in the week ended June 19, which was the lowest level since 1984.

By Dipo Olowookere

The Nigerian stock market crashed by 2.35 per cent on Wednesday after some bellwether equities performed badly as a result of profit-taking in them.

BUA Cement, Dangote Cement, and Geregu Power lost 10.00 per cent each to settle at N340.20, N963.00, and N917.40, respectively. Custodian Investment shrank by 9.97 per cent to N73.15, and Academy Press weakened by 9.88 per cent to N28.12.

On the flip side, SAHCO gained 9.92 per cent to trade at N171.20, International Energy Insurance grew by 9.66 per cent to N6.70, Tantalizers improved by 6.98 per cent to N4.60, Omatek added 5.70 per cent to close at N2.04, and AIICO Insurance increased by 5.19 per cent to N4.26.

At the close of business, the Nigerian Exchange (NGX) Limited recorded 10 appreciating stocks and 21 depreciating stocks.

Data from the activity log revealed that 488.1 million shares worth N20.9 billion exchanged hands in 46,239 deals at midweek compared with the 564.9 million shares valued at N39.4 billion traded in 49,230 deals on Tuesday, representing a fall in the trading volume, value, and number of deals by 13.60 per cent, 46.95 per cent, and 6.08 per cent, respectively.

On top of the activity chart yesterday was First Holdco, which sold 57.4 million equities for N3.5 billion. Chams transacted 42.3 million shares valued at N166.9 million, Access Holdings traded 36.1 million stocks worth N831.1 million, Linkage Assurance exchanged 32.0 million equities for N49.4 million, and Sterling Holdings traded 29.4 million shares valued at N224.8 million.

Business Post observed that the bears dominated Customs Street during the trading day, resulting in all the major sectors closing in the red.

The industrial goods space suffered the heaviest loss, 8.31 per cent, as a result of the sell-offs in cement stocks. The insurance counter shed 0.97 per cent, the banking segment declined by 0.71 per cent, the consumer goods landscape gave up 0.29 per cent, and the energy sector crumbled by 0.11 per cent.

Consequently, the All-Share Index (ASI) retreated by 5,668.65 points to 235,074.54 points from 240,743.19 points, and the market capitalisation moderated by N3.637 trillion to N150.847 trillion from N154.484 trillion.

By Adedapo Adesanya

Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.

Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.

The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.

The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.

“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.

“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.

“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”

It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.

It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).

“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”

The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”