Economy
Oil Surges to $70 on Heightened Worries US Could Attack Iran
By Adedapo Adesanya
The price of surged by 3 per cent to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the US attacks Iran, one of biggest crude producers in the Organisation of the Petroleum Exporting Countries (OPEC).
Specifically, the Brent futures rose by $2.31 or 3.4 per cent to $70.71 a barrel, while US West Texas Intermediate (WTI) crude futures gained $2.21 or 3.5 per cent to settle at $65.42 per barrel.
US President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters. It was reported that the American President wanted to create conditions for “regime change” after a crackdown crushed a nationwide protest movement earlier this month, killing thousands of people.
There is a possibility that delay is coming as Israel and Arab officials said air power alone would not topple Iran’s clerical rulers.
Earlier this week, he warned Iran that a “massive armada” of US Navy ships is headed to the Persian Gulf.
Reuters reported that in Iran, plainclothes security forces have rounded up thousands of people in a campaign of mass arrests and intimidation to deter further protests.
Iran, for its part, said that its army is ready to “immediately and powerfully” respond to any possible attack by the US.
Oil stakeholders will be weighing the consequences that a war could lead to. Market analysts say Iran may close the Strait of Hormuz shutting out around 20 million barrels per day of oil that navigates it. Iran was the third-biggest crude producer in OPEC behind Saudi Arabia and Iraq in 2025.
European Union foreign ministers adopted new sanctions on Iran on Thursday targeting individuals and entities involved in a violent crackdown on protesters. Separately, the EU designated Iran’s Revolutionary Guard as a terrorist organisation.
Russia on Thursday reiterated its invitation for Ukrainian President Volodymyr Zelenskiy to come to Moscow for peace talks as US-led efforts to reach a deal to end the nearly four-year war in Ukraine intensify.
Any peace deal that would allow Russia to export more oil should increase global supplies and decrease energy prices. Russia is the third-biggest crude producer in the world after the US and Saudi Arabia.
In the US, crude production continued to recover on Thursday after a winter storm ravaged production and losses peaked at 2 million barrels per day over the weekend.
The Dollar fell to its lowest since February 2022 against a basket of other currencies on uncertainty over US economic policies. A weaker greenback can boost oil prices by making dollar-priced oil less expensive for many global buyers.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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