By Adedapo Adesanya

Crude oil climbed about 3 per cent on Tuesday after Iran said it had yet to decide whether to attend peace talks with the United ​States.

With one day left before the ceasefire runs out in the Iran war, US President Donald Trump said he hoped to ‌reach a deal to end the war. However, he said he did not want to extend the ceasefire, adding that the US military was “raring to go” if negotiations were not successful.

This development raised the price of Brent futures by $3 or 3.1 per cent to $98.48 a barrel, and lifted the US West Texas Intermediate (WTI) futures by $2.52 or 2.8 per cent to $92.13 per barrel.

Crude oil prices have spent most of March-April seesawing up and down, reacting to Iran’s closure of the Strait of Hormuz and President Trump’s Truth Social posts.

The lack of progress in US-Iran talks and their continuous postponement are keeping the oil market on edge, with the American President’s latest comments about no extension sending another wave of anxiety across market watchers.

Shipping traffic through the Strait ​of Hormuz, which normally handles about 20 per cent of global oil and liquefied natural gas supplies, remained broadly halted on ⁠Tuesday with only three ships passing the waterway in the past 24 hours. Over 1 billion barrels of crude have been disrupted due to the blockade.

Meanwhile, the Israeli military said Hezbollah fired rockets at Israeli troops in southern Lebanon, accusing the Iran-backed group of violating a ceasefire ahead of US-mediated talks between the government of Israel and Lebanon this week.

The European Union (EU) said it will provide guidance to airlines on how to handle issues such as airport slots, passenger rights ​and public service obligations in the event of jet fuel shortages because of the Iran war.

Countries continued to feel the effects of the war. In Germany, the biggest economy ​in Europe, investor morale declined to its ​lowest level in more than three ⁠years in April, while in the US, retail sales increased more than expected in March as the war in ​Iran boosted gasoline prices.

Ukrainian President Volodymyr Zelenskiy said the Druzhba oil ‌pipeline, which pumps ⁠Russian oil to Europe, is ready to resume operations, signalling that Ukraine now expects an over $106 billion aid package to be unblocked.

The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 4.4 million barrels in the week ending April 17. In the week prior, US crude oil inventories rose by 6.10 million barrels. Official data from the Energy Information Administration (EIA) will be released later on Wednesday.

By Dipo Olowookere

The local stock exchange recorded a marginal 0.06 per cent surge on Tuesday as the bulls and the bears engaged in a fierce battle for control of the bourse.

Business Post reports that the Nigerian Exchange (NGX) Limited experienced a mix of profit-taking and bargain-hunting, with two of the five key sectors ending in green.

According to data from Customs Street, the banking counter lost 1.30 per cent, the consumer goods sector decreased by 0.39 per cent, and the energy index tumbled by 0.09 per cent.

However, the industrial goods and the insurance indices appreciated by 1.64 per cent and 0.19 per cent, respectively, as a result of buying pressure.

Consequently, the All-Share Index (ASI) went up by 135.97 points to 218,249.81 points from 218,113.84 points, and the market capitalisation soared by N87 billion to N140.523 trillion from N140.436 trillion.

The market breadth index for the session was negative, like the preceding session, with 26 price gainers and 45 price losers, showing bearish investor sentiment.

Again, NASCON led the advancers’ group after it chalked up another 10.00 per cent to close at N171.60. Union Dicon increased by 9.92 per cent to N19.95, Lafarge Africa gained 9.64 per cent to trade at N273.00, Trans-Nationwide Express appreciated by 8.27 per cent to N7.20, and UAC Nigeria rose by 7.84 per cent to N110.00.

On the other side, Legend Internet depreciated by 9.92 per cent to N5.63, Abbey Mortgage Bank shed 9.59 per cent to quote at N6.60, Stanbic IBTC weakened by 8.96 per cent to N154.50, Access Holdings dropped 8.83 per cent to close at N29.95, and Veritas Kapital crashed by 7.50 per cent to N1.85.

On top of the activity chart yesterday was Access Holdings with 110.7 million shares sold for N3.6 billion, FCMB transacted 57.7 million equities valued at N751.5 million, Fidelity Bank exchanged 44.8 million stocks worth N1.0 billion, Zenith Bank traded 44.2 million equities for N5.5 billion, and UBA transacted 43.6 million shares valued at N2.2 billion.

At the close of trades, 842.5 million stocks worth N44.9 billion exchanged hands in 61,617 deals versus the 984.0 million stocks valued at N50.8 billion executed in 76,410 deals on Monday, indicating a shortfall in the trading volume, value, and number of deals by 14.38 per cent, 11.61 per cent, and 19.36 per cent, respectively.

By Adedapo Adesanya

The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.

According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.

The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.

Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.

This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.

He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.

“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.

The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.

This was contained in a statement shared via the Customs official X handle.

Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.

He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.

On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.

“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.

He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.

Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.

The police commissioner also sought continued support from Customs officers in advancing shared security objectives.