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Oil prices tumble as US, Iran reach peace deal

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Global crude oil prices recorded a steep decline on Monday following a peace agreement between the United States and Iran, bringing an end to more than two months of hostilities that disrupted global energy markets and fuelled inflationary pressures across several economies.

Brent crude, the international benchmark for oil, dropped by nearly four per cent to trade at $79.50 per barrel as of 9:54 a.m. Nigerian time.

An analysis of market data showed that Brent crude, which opened at $80.24 per barrel on Sunday, climbed briefly to about $81 before declining steadily to $79.39, its lowest level within the last 24 hours.

The sharp decline followed Sunday’s announcement by Washington and Tehran that they had agreed to end the conflict between the two countries.

The agreement also effectively halted the war between Israel and Iran and brought an end to Israeli military operations in Lebanon.

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The peace deal, reportedly brokered by Pakistan alongside several Middle Eastern countries, paves the way for the full reopening of the Strait of Hormuz, one of the world’s most strategic oil transit routes through which roughly 20 per cent of global crude oil supplies are transported.

The strait had remained closed since the outbreak of hostilities on 28 February, when the United States and Israel launched military operations against Iran.

The disruption triggered significant volatility in global oil markets, pushing Brent crude above the $100-per-barrel threshold and driving energy costs to multi-year highs.

The surge in crude prices led to corresponding increases in the prices of refined petroleum products, including petrol, diesel and aviation fuel, across several countries.

In Nigeria, the spike in international oil prices translated into higher domestic fuel costs, triggering concerns among consumers, transport operators and businesses already grappling with rising living expenses.

As global crude prices fluctuated during the crisis, Dangote Refinery adjusted its ex-depot prices several times to reflect changing market conditions.

READ ALSO: US, Iran agree on deal to end war

Petrol, which sold for about N870 per litre before tensions escalated in the Middle East, now retails for approximately N1,350 per litre or higher in many major Nigerian cities.

The increase in fuel prices contributed to higher transportation fares and pushed up the cost of food, goods and services across the country.

The crisis also prompted governments around the world to introduce measures aimed at shielding their economies and citizens from the impact of rising energy costs.

With the conflict now officially ended and the Strait of Hormuz reopened, analysts expect global oil prices to moderate further in the coming weeks.

A sustained decline in crude prices could eventually translate into lower petrol prices and reduced energy costs in Nigeria and other oil-importing economies.

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Lagos Police to Begin Statewide Clampdown on Vehicles with Covered, Missing Number Plates

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The Lagos State Police Command, in compliance with the directive of the Inspector-General of Police, IGP Olatunji Rilwan Disu, aimed at enhancing public safety, strengthening security, and denying criminal elements the opportunity to conceal their identities and activities, will commence a statewide enforcement exercise against vehicles with covered, obscured, unauthorised, defaced or no registration number plates.

The exercise will commence on Monday, 15th June 2026, and will be led by the Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips. He has directed all Area Commanders, Divisional Police Officers (DPOs), across the State to commence enforcement of the directive and ensure full compliance within their respective Areas of Responsibility. He further directed that any vehicle found violating the directive be impounded and subjected to thorough investigation in accordance with extant laws and established procedures.

The Command wishes to assure members of the public that this enforcement exercise is not intended to inconvenience law-abiding motorists. Rather, it is a proactive security measure designed to enhance the capacity of Police operatives to identify vehicles, investigate crimes, track criminal suspects, and strengthen the overall security architecture of the State.

Accordingly, motorists, transport operators, fleet owners, and members of the public are advised to ensure that their vehicles carry valid, duly issued, and clearly visible registration number plates at all times. Vehicle owners are also encouraged to ensure that all relevant vehicle documents are up-to-date and readily available for inspection when required.

The Command remains steadfast in its commitment to protecting lives and property and creating a safer environment for all residents and visitors in the State. The success of this initiative, like all policing efforts, depends largely on the cooperation and support of members of the public. The Command appreciates the understanding, cooperation, and continued support of Lagosians as it continues to implement measures aimed at ensuring the safety and security of all.

Security is a shared responsibility. The Command therefore urges residents to remain vigilant and promptly report suspicious persons, vehicles, movements, or activities through the Command’s emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, and 09168630929.

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Zamfara Police Overpower Armed Bandits in Forest Gun Duel, Rescue 3 Kidnap Victims

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BY SUNDAY SAMUEL—The Zamfara State Police Command says its continuous effort to rid the state of crime and criminality have paid off as a team of police operatives attached to the Violence Crime Response Unit (VCRU), rescued three kidnapped victims along Gurusu–Anka Road who were travelling from Bukuyum to Talata Mafara.

A statement by Yazid Abubakar, Zamfara State Police Public Relations Officer says operatives were swiftly mobilised after receiving a distress call indicating that a large number of armed bandits wielding sophisticated weapons had blocked the Gurusu–Anka Road and kidnapped three persons travelling from Bukuyum to Talata Mafara. The team trailed the armed bandits into a nearby forest. A gun duel subsequently ensued between the police operatives and the bandits. Through the effective deployment of tactical measures, the bandits were overpowered and forced to flee into the bush with suspected gunshot wounds.

As a result of the operation, all three kidnapped victims were successfully rescued unharmed. However, the bandits escaped with an Android phone belonging to one of the victims.

Efforts are currently ongoing to track and apprehend the fleeing suspects through the stolen phone and other intelligence-led strategies.

The Commissioner of Police, A.M Bello Zamfara State Command, commends the bravery and professionalism of the operatives involved in the operation and reassures residents of the Command’s unwavering commitment to protecting lives and property across the state.

The post Zamfara Police Overpower Armed Bandits in Forest Gun Duel, Rescue 3 Kidnap Victims appeared first on Business Today NG.

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