By Adedapo Adesanya

Crude oil prices spiked by about $3 a barrel on Thursday as Iran tightened its grip on the Strait of Hormuz, with peace talks with the United States remaining distant.

Brent crude futures ‌settled at $105.07 a barrel after gaining $3.16 or 3.1 per cent, while the West Texas Intermediate futures finished at $95.85 a barrel, up $2.89 or 3.11 per cent.

Progress toward reopening the passage remains stalled as Iran’s parliament speaker said the US blockade was “bullying” and a “flagrant breach of the ceasefire,” adding that negotiations would not resume with it in place.

US President Donald Trump said the blockade would continue. An American can wage war without Congressional approval for 60 days, a deadline which expires May 1.

Ahead of that, Reuters reported that air defences were engaging targets ​over Tehran. That followed reports of drone attacks ​on Iranian Kurdish opponents of the Iranian government at a base in Iraq.

President Trump also said in a social media post that he had ordered the US Navy “to ​shoot and kill any boat” mining the strait.

While he extended a ceasefire between the countries after a request by Pakistani mediators, Iran and the US are still restricting transit of ‌ships ⁠through the strait, which carried about 20 per cent of daily global oil supplies until the start of the war on February 28.

This week, one ship passed through the waterway on Tuesday. However, by Wednesday, more ships tried, but Iran attacked two and reportedly seized two more.

The US also blockaded traffic to and from Iranian ports in the Persian Gulf, but it appears that the blockade has not stopped traffic completely. It was reported that as many as 34 sanctioned and Iranian-linked tankers moved in and out of the waterway between April 13 and 21.

The US military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka.

Meanwhile, the executive director of the International Energy Agency (IEA), Mr Fatih Birol, said the war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced.

“As of today, we’ve lost 13 million barrels per day of oil … and there are major disruptions in vital commodities,” Mr Birol said in an interview, adding that the IEA-coordinated record emergency release of 400 million barrels of oil stocks last month cannot offset the massive supply loss.

By Dipo Olowookere

The year-to-date return of the Nigerian Exchange (NGX) Limited stretched to 43.20 per cent after a 1.48 per cent rise on Thursday.

Demand pressure on the consumer goods, banking and industrial goods stocks contributed to the surge recorded during the session.

Data showed that the consumer goods counter expanded by 4.67 per cent, the banking index rose by 1.53 per cent, and the industrial goods segment improved by 1.03 per cent. They offset the 0.91 per cent loss suffered by the insurance space and the 0.06 per cent cut posted by the energy industry.

When the closing gong was struck, the All-Share Index (ASI) of Customs Street increased by 3,251.48 points to 222,837.68 points from 219,586.20 points, and the market capitalisation moved up by N2.093 trillion to N143.477 trillion from N141.384 trillion.

The duo of Unilever Nigeria and UAC Nigeria led the advancers’ log after growing by 10.00 per cent each to sell for N121.00 and N133.10, respectively. Trans-Nationwide Express jumped 9.97 per cent to N8.71, Tantalizers appreciated by 9.80 per cent to N3.81, and Dangote Sugar expanded by 9.78 per cent to N73.50.

On the flip side, McNichols lost 9.93 per cent to close at N6.44, Multiverse depreciated by 9.85 per cent to N23.35, Coronation Insurance retreated by 9.26 per cent to N2.45, Abbey Mortgage Bank moderated by 9.24 per cent to N5.40, and Japaul slipped by 5.94 per cent to N3.01.

Business Post reports that there were 35 price gainers and 37 price losers during the session, representing a negative market breadth index and weak investor sentiment.

Access Holdings was the busiest equity for the day with 39.5 million units worth N1.3 billion, UBA traded 37.5 million units valued at N2.0 billion, Zenith Bank exchanged 36.3 million units for N4.8 billion, Fidelity Bank sold 32.1 million units valued at N700.8 million, and GTCO transacted 27.6 million units worth N3.6 billion.

At the close of transactions, investors bought and sold 667.9 million units valued at N38.1 billion in 53,062 deals compared with the 683.7 million units worth N36.2 billion traded in 51,694 deals at midweek.

This showed that the trading volume shrank by 2.28 per cent, and the trading value and number of deals soared by 5.25 per cent and 2.65 per cent apiece.

By Modupe Gbadeyanka

About 1.1 billion litres of aviation fuel have been exported to Europe by the Dangote Petroleum Refinery and Petrochemicals after supplying over 95 per cent of the volume needed by airlines operating in Nigeria.

This development was confirmed by the spokesperson of the Airlines Operators of Nigeria (AON), Mr Obiora Okonkwo, during a television interview.

It was gathered that the volume of the petroleum product taken out of the country by the Lagos-based private refinery was between March and April 20.

“It is a matter of fact that over 95 per cent of aviation fuel supplied across the country comes from the Dangote refinery. To airline operators in Nigeria, Dangote is not just a refinery; it is a game changer and, indeed, a lifesaver,” Mr Okonkwo said.

He noted that despite the refinery’s consistent supply, airlines continue to face severe operational strain due to escalating Jet A1 prices, which he attributed to sharp practices within the downstream distribution chain.

According to him, some fuel marketers are allegedly creating artificial scarcity in spite of available supply from the refinery, leading to disproportionate price increases. He disclosed that airline operators have recorded Jet A1 price hikes of up to 300 per cent since the onset of the Middle East crisis.

“We consider this exploitation. The refinery has not indicated any shortage, yet we are witnessing artificial scarcity and unjustifiable price increases. What airlines pay does not reflect depot prices,” he said, suggesting the presence of racketeering within the market.

Echoing these concerns after a closed‑door meeting between AON and the federal government, the chief executive of Air Peace, Mr Allen Onyema, described the situation as deeply troubling, particularly given that the Dangote refinery sells its products at comparatively lower rates.

“The truth is that marketers must be called to account. How do prices rise by as much as 300 per cent when Dangote’s supply remains the cheapest and some marketers source directly from the refinery?” Mr Onyema asked. “So, why the astronomical increase?”

Meanwhile, the Dangote Refinery continues to expand its footprint in the international aviation fuel market. Industry data indicate that the facility exported approximately 876,000 metric tonnes of jet fuel to Europe within the period under review—about 456,000 tonnes in March and an additional 420,000 tonnes by April 20.

These export volumes underscore the refinery’s growing capacity and improved logistics, further reinforcing Nigeria’s emerging role in the global downstream oil and gas market, even as it strengthens domestic energy security.