By Adedapo Adesanya

Bitcoin (BTC), the largest cryptocurrency, rose to $71,171.23, with the wider crypto market seeing a notable price bounce on Friday after major economies announced joint efforts to boost oil supplies through the now-disrupted Strait of Hormuz.

BTC rose more than 1.4 per cent on the day, extending its recovery from overnight lows under $68,900.

As of press time, other major coins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), saw smaller gains of less than 1 per cent.

SOL appreciated 0.6 per cent to trade at $90.07, ETH rose 0.4 per cent to $2,163.14, followed by XRP as it added 0.3 per cent to sell at $1.46.

Britain, France, Germany, Italy, the Netherlands, and Japan said they would take steps to stabilise energy markets and join collaborative efforts to ensure safe passage through the Strait of Hormuz.

In a joint statement issued by the UK Prime Minister Keir Starmer’s office, leaders of these nations condemned the attacks by Iran and urged it to halt its actions immediately.

On Thursday, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil tankers and could release crude from its Strategic Petroleum Reserve.

With the Federal Reserve expressing heightened uncertainty on growth and inflation outlooks earlier this week, traders have scaled back expectations for Federal Reserve rate cuts. This has left crypto and traditional risk assets largely at the mercy of oil price swings.

Market analysts noted that the latest drop in oil, though positive, doesn’t end the uncertainty, as military conflict in the Middle East continues.

By Adedapo Adesanya

Brent crude traded at $108.65 per barrel on Thursday after earlier hitting $119 ​during the session, as the Middle East crisis took a different dimension.

Prices had surged dramatically on the back of an Israeli attack on the South Pars gas field and an Iranian attack on energy infrastructure across the region. The escalations briefly pushed Brent beyond $119 per barrel earlier on Thursday, as fears of further serious supply disruptions peaked.

Supply disruptions intensified following the Iranian attack on Qatar’s Ras Laffan Industrial City (RLIC), which hosts the world’s biggest LNG liquefaction complex.

Qatar had already halted the Ras Laffan LNG complex in the early hours of the war, mostly as a precaution following a drone attack near the site and because of the de facto closure of the Strait of Hormuz.

The market is desperately looking to replace disrupted supply with US oil now being directed through the Panama Canal to help deal with the shortfall in Asia.

Meanwhile, US Treasury Secretary Scott Bessent ​said the US may soon remove sanctions from Iranian oil that is stranded on tankers, amounting to around 140 million barrels.

He also said ​another release of crude oil from the US Strategic Petroleum Reserve was possible.

Saudi Arabia ​said it intercepted four ⁠ballistic missiles and an attempted drone attack on a gas facility. Its SAMREF refinery in the Red Sea port of Yanbu, was also targeted in an aerial attack on Thursday. Oil loadings at the port were disrupted but have since resumed.

Kuwait Petroleum ⁠Corporation said ​its Mina al-Ahmadi refinery was hit by a drone, igniting a limited fire.

Israeli Prime Minister Benjamin Netanyahu suggested the Iran war could end sooner than expected, saying that joint US-Israel strikes had significantly degraded Iran’s strategic capabilities and that the war would “end faster than people think.”

He emphasised that the campaign would not be open-ended and indicated that Israel would refrain from further attacks on Iran’s South Pars gas field at the request of President Donald Trump.

The move helped ease immediate concerns about further escalation targeting critical energy infrastructure.

By Adedapo Adesanya

Nigeria and the United Kingdom are moving to tackle a long-standing £1.2 billion discrepancy in their trade records, with both countries agreeing to develop a structured data-sharing system aimed at improving transparency and accountability across bilateral commerce.

The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s State Visit, under the Nigeria–United Kingdom Enhanced Trade and Investment Partnership (ETIP).

According to a statement by Nigeria Customs Service (NCS) spokesperson, Mr Abdullahi Maiwada, the talks signal a shift toward deeper operational cooperation between both countries’ customs authorities.

At the centre of the discussions was a persistent mismatch in trade figures. While Nigeria recorded about £504 million worth of imports from the UK in 2024, British records show exports to Nigeria at approximately £1.7 billion for the same period, leaving a gap of roughly £1.2 billion.

To address this, the two countries agreed to explore a pre-arrival data exchange framework that will connect their digital customs systems, with the aim of improving risk management, reconciling trade data, and strengthening compliance monitoring along the corridor.

The meeting was led by Comptroller-General of Customs, Mr Adewale Adeniyi and Ms Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), and also focused on customs modernisation and data transparency.

Mr Adeniyi underscored the broader economic implications of the initiative, noting that customs collaboration plays a central role in trade facilitation.

“Effective customs cooperation remains a critical enabler of economic growth and sustainable trade development,” he said.

He added that “customs administrations serve as the frontline institutions responsible for ensuring that trade flows between both countries are transparent, secure, and mutually beneficial.”

The Nigeria–UK trade relationship spans multiple sectors, including industrial goods, agriculture, energy, and consumer products — all of which depend heavily on efficient port and border operations.

Beyond addressing data gaps, the meeting also highlighted ongoing modernisation efforts on both sides. The UK showcased advancements in artificial intelligence-driven trade tools, digital verification systems, and real-time analytics designed to enhance cargo processing, risk assessment, and border security.

The engagement further produced plans for a Customs Mutual Administrative Assistance Framework, alongside technical groundwork for capacity building, knowledge exchange, and a joint engagement mechanism under the ETIP platform.

Mr Maiwada said the outcomes are expected to strengthen Nigeria’s trade ecosystem and support broader economic reforms.

“The NCS has reaffirmed its commitment to deepening international partnerships as part of a broader modernisation agenda designed to promote transparency, efficiency, and competitiveness in Nigeria’s trading environment,” the statement said.

It added that “insights from this engagement will strengthen its operational capacity, enhance trade facilitation, and support Nigeria’s economic reform objectives under the Renewed Hope programme.”