Economy
Crude Oil Further Slips as Middle East Tension Eases
By Adedapo Adesanya
Oil prices fell further on Thursday at the global market to extend losses brought about by comments from President Donald Trump which eased tension of the United States retaliating against Iran.
Brent crude, the international benchmark, which had dropped by over 3 percent at the previous session, further went down by 0.15 percent equivalent to 10 cents to trade at $65.34 per barrel. Also, the US West Texas Intermediate (WTI) crude further moved down below $60 by shedding 0.07 percent or 4 cents to close at $59.57 per barrel.
President Trump’s comment had eased the fear of a retaliation on Wednesday evening when he said that he would instead place additional economic sanctions on the country.
“Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world,” he said, confirming that no American was harmed when Iran launched over a dozen missiles targeted at the American soldiers in Iraq.
The action came hours after the late Iranian General Qasem Soleimani was buried on Tuesday. The commander of the elite Iranian force was killed by a military strike ordered by Mr Trump near Baghdad International Airport last Friday, raising tensions between both countries in the Middle East.
Also, pulling prices further down was the rise in US crude inventories which rose unexpectedly last week, with stockpiles climbing 1.2 million barrels to 431.1 million barrels.
Investors worry that further tension in the Middle East could disrupt crude supplies but the policy to reduce supply by 1.7 million barrels per day from the Organization of the Petroleum Exporting (OPEC) Countries continue to support prices.
On the US-China trade war front, which had affected oil prices for the past 18 months, both parties will meet next week, Wednesday, January 15, as Chinese negotiators will travel to Washington early next week to sign the phase-one trade deal with the United States government, China, Commerce Ministry confirmed on Thursday.
The trade deal would see China would greatly increase its purchases of US farm goods and other products, further open its financial sector, pledge not to devalue the Chinese Yuan to help the country’s exporters and better protect American intellectual property.
On America’s part, the Trump administration canceled new tariffs on roughly $156 billion that it planned to impose on Chinese products last month. It also agreed to cut in half the existing 15 percent tariff rate on roughly $120 billion of Chinese goods that had been imposed on September 2019.
By Adedapo Adesanya
Brent crude dropped below $70 on Monday, specifically losing $1.08 or 1.5 per cent to trade at $69.28 per barrel, as fears that the United States’ tariffs on Canada, Mexico and China would slow economies around the world and slash energy demand.
Also, the US West Texas Intermediate (WTI) futures settled at $66.03 a barrel after shedding $1.01 or 1.5 per cent during the session as the wider market saw plunges after the US President, Mr Donald Trump’s protectionist policies sent jitters across major economies and the oil market wasn’t spared.
The American president has imposed and then delayed tariffs on the country’s biggest oil suppliers,Canada and Mexico, while also raising duties on Chinese goods.
China and Canada have responded with tariffs of their own but Mexico has not followed in the path of two countries, waiting to study the direction of the development before making any move.
Over the weekend, US Commerce Secretary Howard Lutnick said President Trump would not let up pressure on tariffs on Mexico, Canada, and China.
Also, President Trump over the weekend declined to predict whether the US could face a recession as investors worried about a possible economic slowdown that could curtail oil demand.
On the supply front, President Trump is seeking to choke off Iranian oil exports as part of efforts to pressure the country to reduce in its nuclear programme.
Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei said on Saturday that his country will not be bullied into negotiations.
President Trump also said the US would intensify sanctions on Russia if it fails to reach a ceasefire deal with Ukraine.
This is as the country is looking ways to ease sanctions on Russia’s energy sector if it agrees to end its war with Ukraine.
Meanwhile, Russia’s Deputy Prime Minister Alexander Novak said the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to start increasing oil production from April.
He added that the alliance could reverse the decision afterwards if there are market imbalances in the future.
By Aduragbemi Omiyale
The N3.1 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.
The equities from the exercise were taken to the stock exchange for listing last Wednesday to increase the total issued and fully-paid shares of the organisation.
Business Post reports that the company used a total of 1,104,386,890 ordinary shares of 50 Kobo each at N2.8 per unit to pay up about N3.1 billion debt incurred by the firm.
The board of Ellah Lakes was given the authority to convert the company’s outstanding debt into equity at its Annual General Meeting (AGM) on December 5, 2024, in Lagos.
In a notice to investing public last week, the NGX said, “Trading licence holders are hereby notified that additional 1,104,386,890 ordinary shares of 50 Kobo each of Ellah Lakes Plc were on Wednesday, March 5, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.
“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N3,092,283,294.81 debt to equity.
“With this listing of the additional 1,104,386,890 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc have now increased from 2,753,786,788 to 3,858,173,678 ordinary shares of 50 Kobo each.”
The conversion of the company’s debt to equity came after one of its largest shareholders, CBO Capital, offloaded about 81 million units of the organisation’s equities at the stock market recently.
By Adedapo Adesanya
Thailand’s Securities and Exchange Commission (SEC) has approved the use of Tether’s stablecoin, USDT, as a currency.
According to a statement on Monday, the approval enables USDT to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USDT to be accepted for payments, which advances the region’s leadership in digital asset innovation.
The updated regulations aim to enhance flexibility in digital asset businesses and will take effect on March 16, 2025.
This comes after the Thailand regulator sought public feedback on these changes, which were finalized in February 2025 with widespread industry support.
“The regulator’s recognition of USDT as an approved cryptocurrency marks a pivotal moment in the evolution of digital assets in the region and represents a major step toward clarifying and enhancing Thailand’s regulatory framework.
“This will provide investors with greater flexibility and choice while fostering a more dynamic and resilient industry. By enabling the seamless integration of USDT, the decision supports the diversification and modernization of Thailand’s financial landscape,” the statement added.
Thailand is one of the friendliest jurisdictions for digital assets in recent years and ranks among the top 20 countries globally in terms of adoption.
USDT accounts for around 40 per cent of volumes.
Tether’s USDT with a market cap of $142 billion, is the world’s most widely used stablecoin, providing a trusted, efficient bridge between traditional fiat systems and digital economies.
Speaking on the development, Mr Paolo Ardoino, CEO of Tether, said it will continue to boost its services and offerings in more friendly markets.
“We highly value the Thai market and are continuously exploring ways to enhance our services and offerings. Our priority is to provide users in Thailand with a secure, transparent, and reliable stablecoin experience.
“We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.”
Thailand’s forward-thinking approach to digital asset regulation sets a global benchmark, and Tether is proud to see USDT play a pivotal role in driving economic progress and digital transformation in the region.
Tether added that this approval confirms its dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.
“Thailand’s forward-looking stance on stablecoins is reflected in its vibrant, Thai baht-backed digital asset market,” it added.
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