By Adedapo Adesanya

The prices of crude oil grades settled lower on Thursday after US President Donald Trump cancelled plans to strike Iran ‌within hours, a move that raised expectations for a deal to end more than three months of war.

Brent futures fell by $2.72 or 2.9 per cent to quote at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures decreased by $2.32 or 2.6 per cent to $87.71 a barrel.

President Trump, ​in a social media post, said he called off planned strikes on Iran because discussions have ​advanced to the highest levels of Iran’s leadership and a broad coalition of regional ⁠powers. However, he did not share details of the final points he said were approved by the coalition.

He had earlier threatened to seize Iran’s main oil export hub, Kharg Island, and assume total control of the country’s oil and gas markets, drawing a direct line to the US operation in Venezuela as a template for what could come next in Iran.

That came after a fresh round of US strikes on Wednesday rattled an already fragile ceasefire, with Iran responding by declaring the Strait of Hormuz closed and claiming hits on the US Fifth Fleet headquarters in Bahrain.

The American President has claimed multiple ​times that a deal with Iran is imminent, only to issue threats again when the oil-producing country does not agree to his demands.

On Wednesday, Iran announced the closure of ​the Strait of Hormuz, including for oil tankers and commercial ships, saying any vessel attempting to pass through would come under ‌fire. The Strait of Hormuz, through which roughly 20 per cent of global energy flows, has been effectively closed since the war began, but in recent weeks, some friendly ships have passed through.

Data showed that three more LNG tankers have slipped out of the strait with their transponders off, heading to Asia, though the ​timing is unclear.

The Organisation of the Petroleum Exporting Countries (OPEC) is sticking to its view that the oil market will remain relatively tight through next year, with demand growth expected to continue outpacing non-OPEC+ supply additions despite months of war-related disruption and elevated prices.

According to OPEC’s June Monthly Oil Market Report released on Thursday, crude production averaged 33.13 million barrels per day in May, down 190,000 barrels per day from April based on secondary-source estimates.

The group left its global demand outlook largely unchanged, forecasting oil demand growth of 1.0 million barrels per day in 2026.

By Adedapo Adesanya

Dangote Petroleum Refinery is seeking to raise about $1 billion through a private placement that values the company at $39.1 billion.

According to reports, the refinery is offering 3 billion ordinary shares at $0.35 per share. Investors must subscribe for at least 1 million shares, equal to $350,000, with additional subscriptions accepted in multiples of 500,000 shares. The shares will be subject to a 365-day lock-up period from allotment.

It was reported that demand for the offer has already exceeded $2 billion, suggesting that the placement may be oversubscribed.

The operation is already attracting the interest of local investors. Recall that Nigerian billionaire, Mr Femi Otedola, has committed $100 million, while Afrobeats superstar, Mr David Adeleke, popularly known as Davido, also announced he would participate.

The proceeds will be used for expansion projects and general corporate purposes as the refinery deepens its role in Nigeria’s fuel supply market.

The facility has a nameplate capacity of 650,000 barrels per day and began fuel production in 2024. It produces diesel, aviation fuel, naphtha and premium motor spirit.

Standard Bank Group has also said it plans to play a leading role in the refinery’s future public listing, after the facility completed test runs at 700,000 barrels per day. It aims to reach 1.4 million barrels per day by 2028.

The fundraising is likely to renew expectations of a future public listing with a major stakeholder, Mr Aliko Dangote, saying the refinery could be listed, though no timeline was disclosed in the memorandum.

The current placement is seen as an early step that could expand ownership ahead of any future initial public offering (IPO).

Mr Dangote plans to sell between 5 and 10 per cent of the refinery on five major African exchanges: the Nigerian Exchange (NGX), the Johannesburg Stock Exchange (JSE), the BRVM, the Nairobi Securities Exchange (NSE) and the Ghana Stock Exchange (GSE).

It has appointed Stanbic IBTC Capital, Vetiva Capital Management and FirstCap to lead the planned initial public offering of its refinery business on the Nigerian Exchange.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange entered a third straight day of losses after it fell by 0.12 per cent on Wednesday, June 10.

The depletion trimmed the market capitalisation further by N3.1 billion to N2.590 trillion from N2.593 trillion, and cut the NASD Unlisted Security Index (NSI) by 5.19 points to 4330.12 points from 4,335.31 points.

11 Plc lost N22.21 during the session to finish at N221.00 per share versus the previous day’s N243.21 per share, MRS Oil Plc depreciated by N6.90 to N158.10 per unit from N165.00 per unit, and Central Securities Clearing System (CSCS) Plc decreased by N2.81 to N78.32 per share from N81.13 per share.

On the flip side, FrieslandCampina Wamco Nigeria Plc went up by N9.27 to N183.08 per unit from N173.81 per unit, Nitrox Industrial Gases Plc added N1.92 to its value to close at N23.80 per share compared with the preceding day’s N21.88 per share, and Food Concepts Plc gained 10 Kobo to exchange at N2.58 per unit, in contrast to Tuesday’s closing price of N2.48 per unit.

At the close of business, the volume of securities traded by investors contracted by 92.6 per cent to 117,374 units from 1.6 million units, and the value of securities moderated by 80.5 per cent to N12.2 million from N62.3 million, while the number of deals increased by 4.9 per cent to 43 deals from 41 deals.

Great Nigeria Insurance (GNI) Plc finished the day as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units traded for N6.5 billion, and CSCS Plc with 65.2 million units exchanged for N4.4 billion.

GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million