By Adedapo Adesanya

Crude oil prices ​fell about 4 per cent on Tuesday, as two vessels passed through the Strait of Hormuz and the ‌United States said the ceasefire with Iran remained in place despite both sides trading fire.

Brent futures fell by $4.57 or 4 per cent to $109.87 a barrel, while the US West Texas Intermediate (WTI) crude declined by $4.15 or 3.9 per cent to $102.27 per barrel.

The Pentagon on Tuesday insisted the ceasefire with Iran was holding after the countries clashed in the waterway; US President Donald Trump characterised the attacks as a “skirmish.”

He promised to start freeing up some of the 2,000 ships stranded in the Persian Gulf, saying the effort would be a humanitarian gesture for tankers from countries not involved in the US-Iran war, prompting a threat from Tehran to stay away from the Strait of Hormuz.

Defence Secretary Pete Hegseth said the country had secured a path through the waterway, saying hundreds of ships were lining up to pass through the critical waterway. Before the US and Israel attacked Iran on February 28, about 20 per cent of global oil supplies passed through the strait daily.

The US military also said two American merchant ships made it through the ​strait, without saying when, with the support of Navy guided-missile destroyers.

However, Iran denied any crossings had taken place, though shipping company Maersk said the ​Alliance Fairfax, a US-flagged ship, passed under US military escort on Monday.

Meanwhile, the United Arab Emirates (UAE) said it was under attack from Iranian missiles and drones on Tuesday. Iran ​denied that it attacked the UAE in recent days.

If Iran fails to halt attacks and threats to commercial shipping in the Strait of Hormuz, the UN Security Council members could support a ⁠US- and Bahrain‑backed draft resolution that could lead to sanctions against Iran, and potentially authorise force.

Led by Saudi Arabia and Russia, the core seven members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed on a 188,000 barrels per day production increase for June 2026, slightly lower than the 206,000 barrels per day hikes announced for April and May, reflecting the May 1 departure of the UAE from both OPEC and OPEC+.

The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. US crude inventories are up 37 million barrels so far this year.

Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

By Aduragbemi Omiyale

The federal government has stressed that it does not plan to bring back the payment of subsidies on premium motor spirit (PMS), otherwise known as petrol

This disclosure was made by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, during a meeting with some global investors in France.

Some of the investors were from Citibank and France’s Amundi, led by Valerie Baudson. There were also BlueCrest, the Britain- and South Africa-based Ninety One, Kirkoswald Capital, Principal Finisterre, US groups Prudential Global Investment Management (PGIM) and Mesarete Capital.

There had been calls for the return of petrol subsidy in Nigeria as a result of higher energy costs triggered by the Middle East crisis. The price of crude oil on the global market has surpassed $115 per barrel, and this is making Nigerians pay more for petroleum products, despite being an oil-producing nation.

A few days ago, the federal government, to calm the nerves of airline operators who threatened to shut down operations due to the high cost of aviation fuel, had 30 per cent of their debt written off, and also got a deal to buy Jet fuel at a steady price, indicating a subsidy.

“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market… the situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” Mr Oyedele said in Paris, the French capital.

“Nigeria recorded a strong GDP growth rate of 11.2 per cent in US dollar terms in 2025, reinforcing the country’s ambition to achieve a $1 trillion economy by 2030,” he added.

The Finance Minister emphasised the government’s near-term priorities of translating reforms into results for the Nigerian people. He also pledged to publish quarterly financial data.

Mr Oyedele is in France with President Bola Tinubu, who departed Nigeria on Sunday for a three-nation trip to France, Kenya, and Uganda.

The President said the economic reform programme of his administration includes measures to remove economic distortions and stabilise macroeconomic indicators, laying the foundation for sustained inclusive growth.

He assured that his government was committed to deepening reforms, enhancing transparency across the oil value chain, and implementing a multi-pronged security strategy, including police decentralisation and disrupting terrorist financing.

“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” Mr Tinubu said.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited tasted defeat for the first time in a while on Tuesday after closing lower by 0.58 per cent as a result of profit-taking.

The market came under selling pressure yesterday, though investor sentiment remained bullish, as there were 45 price gainers and 25 price losers, implying a positive market breadth index.

Guinness Nigeria lost 10.00 per cent to close at N447.30, Union Dicon shed 9.82 per cent to finish at N19.75, AIICO Insurance depreciated by 9.28 per cent to N4.30, Wema Bank dipped by 8.72 per cent to N30.35, and MTN Nigeria crashed by 8.63 per cent to N836.00.

On the flip side, McNichols gained 10.00 per cent to sell for N7.92, RT Briscoe expanded by 10.00 per cent to N12.87, Zichis grew by 10.00 per cent to N25.08, Vitafoam rose by 10.00 per cent to N170.50, and CAP advanced by 9.99 per cent to N175.65.

Business Post reports that the energy index was down by 2.91 per cent and the banking sector declined by 1.48 per cent.

However, the industrial goods segment rose by 2.49 per cent, the insurance counter appreciated by 0.94 per cent, and the consumer goods space expanded by 0.40 per cent.

The All-Share Index (ASI) contracted by 1,411.37 points during the session to 241,750.15 points from 243,161.52 points, and the market capitalisation retreated by N906 billion to N155.152 trillion from N156.058 trillion.

Market participants transacted 1.3 billion stocks valued at N75.2 billion in 102,665 deals on Tuesday compared with the 967.5 million stocks worth N43.8 billion traded in 122,041 deals on Monday, showing a shortfall in the number of deals by 15.88 per cent, and a surge in the trading volume and value by 34.37 per cent and 71.69 per cent, respectively.

FCMB was the busiest equity yesterday with 160.6 million units sold for N1.8 billion, GTCO traded 94.1 million units worth N13.1 billion, Access Holdings transacted 81.8 million units valued at N2.1 billion, Zenith Bank exchanged 63.1 million units for N8.1 billion, and Fidelity Bank traded 48.4 million units valued at N911.8 million.