Economy
Crude Oil Slips 2% as Trump Hints End to Iran War
By Adedapo Adesanya
Crude oil fell on Wednesday after US President Donald Trump said the country would end its war on Iran fairly soon, with Brent crude down by $2.91 or 2.8 per cent to $101.06 per barrel, and the US West Texas Intermediate (WTI) crude down by $1.96 or 1.9 per cent to $99.42 per barrel.
The American President said the war in Iran could end in “two or three weeks,” adding that “we have had regime change” and that his “one goal” of ending Iran’s nuclear programme had been attained.
He also said Iran’s military was so reduced that the Strait of Hormuz would “automatically open,” although the US would “have nothing to do with” that. This development comes after Iran also expressed willingness to end hostilities.
According to market analysts, President Trump’s shift represents his concern over the war’s economic fallout and his realisation that events are no longer under his control.
This comes after Iran’s Islamic Revolutionary Guard Corps (IRGC) issued a direct threat to target 18 American technology and industrial companies in the Middle East, including Microsoft, Google, Intel, Tesla, IBM, Apple and Boeing.
Iran has stopped vessels from crossing the Strait of Hormuz since the US and Israel launched attacks on the country at the end of February. This disrupted Middle Eastern oil exports and drove fuel prices higher globally.
Analysts expect that energy flows through the Strait of Hormuz will be slow to return to levels before the conflict, even if a ceasefire is announced.
The head of the International Energy Agency (IEA), Mr Fatih Birol, warned that oil supply disruptions from the Middle East will increase in April and will hit Europe as the closure of the Strait of Hormuz hits exports further.
Crude oil output from the Organisation of the Petroleum Exporting Countries (OPEC) dropped by 7.5 million barrels per day in March from the previous month, as producers were forced to cut output because storage is full.
Crude oil inventories in the US increased by 5.5 million barrels during the week ending March 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories saw a build of 10.263 million barrels in the period.
By Adedapo Adesanya
The prices of the two major crude oil grades further declined on Tuesday as investors kept a close watch on crude flows through the Strait of Hormuz following signs of progress in US-Iran peace talks.
Brent futures lost 82 cents or 1.1 per cent to trade at $77.08 per barrel, while the US West Texas Intermediate (WTI) futures gave up 65 cents or 0.9 per cent to sell for $73.21 a barrel.
The market continued to edge lower after the US granted Iran a 60-day sanctions waiver following initial peace talks, while hostilities in Lebanon eased under a broader agreement.
Investors are cautiously watching how quickly Middle Eastern producers can resume oil production and exports following damage from the war, and whether more ships will enter the region.
After US Vice President JD Vance left Switzerland on June 22 after a round of talks over the weekend, President Donald Trump issued a warning to Iran that “I will do what I have to do” if it does not stick to its agreement with the US.
Mr Vance had noted movement on a framework toward reaching a final peace deal within 60 days, including the guarantee of safe passage through the Strait of Hormuz, an end to fighting in Lebanon, and Iran’s acceptance of visits by international nuclear inspectors.
On Tuesday, Oman and Iran agreed to press on with discussions about the future administration of navigation in the Strait of Hormuz, through which 20 per cent of crude and liquified natural gas (LNG) passes.
US Secretary of State Marco Rubio said on Tuesday that Iran would not be able to charge tolls in the key waterway as part of any final agreement with the United States, saying such an arrangement would violate international law.
According to the International Energy Agency (IEA), the world has lost millions of barrels of oil and gas supply since the Iran war closed the strait, putting the shut-in data at more than 14 million barrels per day of oil output or about 14 per cent of world demand.
Meanwhile, President Trump claimed that 19 million barrels of oil flowed out of the strait on Monday, and pointed to falling oil prices in a social media post on Tuesday.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 765,000 barrels in the week ending June 19. Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Aduragbemi Omiyale
The marketing and promotion of the planned initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE has been banned by the Securities and Exchange Commission (SEC).
A statement from the apex capital market regulator on Tuesday emphasised that it had yet to receive any application for such an offer or approve the purported IPO.
SEC noted that it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating on social media platforms and investment channels concerning a supposed securities offering by the refinery.
It expressed concern over the involvement of some Registered Capital Market Operators (CMOs) in what it described as an “unwholesome and manipulative exercise” of actively soliciting advance subscriptions for an offering that has not been presented to the commission.
“No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the commission,” the agency noted, adding that the ongoing pre-marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”
It further stated that the marketing campaign and invitations to “create accounts”, “pre-fund,” or “secure guaranteed allocations” amounted to market manipulation and constituted “serious violation of the Investments and Securities Act.”
Consequently, the SEC directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities.
It also directed them to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.”
The commission further ordered operators to “remove or take down all such unauthorised marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice.”
The regulator further instructed operators to desist from accepting deposits, commitments, account openings or expressions of interest from investors for the purported public offering and to “reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice.”
The organisation warned that defaulters would face sanctions as non-compliance would attract penalties under the Investments and Securities Act, 2025 and the SEC Rules and Regulations.
Advising investors to exercise caution, the SEC said members of the public should “rely only on formal, official pronouncements issued directly by the commission through its official channels.”
It warned that “all such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the commission’s approval.”
SEC assured that if it eventually receives and clears an application for a public offering by the refinery, an approved prospectus would be made available to investors in line with the provisions of the Investments and Securities Act, 2025.
By Aduragbemi Omiyale
The N6.3 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.
Instead of paying its creditors N6.3 billion loans in cash, Ellah Lakes triggered the option of paying back in equities.
According to a notice from NGX Regulation Limited on Tuesday, the company gave the creditors a total of 2,252,142,858 ordinary shares of 50 Kobo at a unit price of N2.80, amounting to N6.306 billion.
The listing of these additional stocks of Ellah Lakes has raised its total issued and fully paid-up shares to 6,110,316,536 ordinary shares of 50 Kobo each from 3,858,173,678 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that additional 2,252,142,858 ordinary shares of 50 Kobo each of Ellah Lakes Plc were today, Tuesday, June 23, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N6,306,000,000.00 debt-to-equity.
“With this listing of the additional 2,252,142,858 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc has now increased from 3,858,173,678 to 6,110,316,536 ordinary shares of 50 Kobo each,” the circular signed by Bonaventure Onwuji for the Head of Issuer Regulation Department stated.
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