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Oil Prices Nosedive as U.S. and Iran Reach Deal to Reopen Strait of Hormuz

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By Son Tertsea, Abuja

Oil prices had taken a nosedive early Monday following the U.S. and Iran announced deal to reopen the Strait of Hormuz more than 100 days after its closure.

Today, Brent crude had dropped 3.95% to trade at $83.88 per barrel, while WTI had fallen 4.62% to $80.96 per barrel. Oil prices, which peaked in mid-May, have been slowly but surely trending downward in recent weeks on rumors of a deal, even after multiple escalatory strikes.

With President Trump’s
Sunday night declaration that a deal with Iran was complete, writing on social media that “oil will flow” through the Strait of Hormuz once the deal is signed on Friday.

In his confirmation, Iranian Deputy Foreign Minister Kazem Gharibabadi said that the text of a memorandum of understanding had been finalized and that a formal signing ceremony would take place in Switzerland on Friday.

Pakistan and Qatar, the two lead mediators in the deal, also confirmed the agreement.

While details of the deal are yet sketchy, semi-official Iranian state news outlet Mehr News Agency published details from a source “close to Iran’s negotiating team”. Those details include an end to the war in Lebanon, the suspension of sanctions on Iranian oil, the release of $24 billion in frozen Iranian funds, and an affirmation that Iran will not produce nuclear weapons.

The release of funds and the broader lifting of sanctions on Iran are set to take place during the ceasefire period, although reporting by Mehr News Agency suggested that $12 billion would be made available to Iran before negotiations begin.

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Perhaps more importantly for oil markets, Iran will be able to resume crude exports during the 60-day ceasefire period while broader nuclear negotiations continue. This may include possible hand over of all uranium stockpiled for nuclear weapons, as demanded by the USA president.

The diplomatic breakthrough was nearly foiled at the eleventh hour when Israel conducted an air strike on southern Beirut, with Trump saying the attack “should not have happened”. The President took to social media immediately after the attack to say “all sides should stand down” and added that there should be no more attacks by Israel anywhere in Lebanon.

While the agreement represents the most serious diplomatic breakthrough since the war began, markets will remain on edge until the Strait is cleared of mines, the deal is signed, and normal shipping flows resume.

The mood is no doubt warm that after more than three months of war, there is greaer prospect for normalcy to return. And traders are finally beginning to price in the possibility of peace and a return to normal. Whether that peace holds, and just how long a return to normal will take, remains to be seen

Business and Economy

Experts Warn Against “informalization of formal employment”

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By Isa Abdul

Economic crunch is gradually reshaping the Nigerian economic landscape, particularly the formal employment system.

According to the Punch, businesses are abandoning traditional fixed salary structures as employers are moving their workers, entirely or partially, to commission-based remuneration models. This is shifting the burden of low sales directly onto their staff.

From retail outlets to tech startups and manufacturing firms, the narrative is uniform: if you do not bring in revenue, you do not get paid.

This is a new survival switch

Years back, monthly pay was the golden standard of employment security in Nigeria.

But with business patronage slowing to a crawl, companies say maintaining a high wage bill is no longer sustainable.

“We had no choice,” says Mr. David Amaechi , the Managing Director of a mid-sized consumer electronics retail chain. He continued that:

“Our foot traffic has dropped by more than 40 percent compared to last year.

“People are prioritizing food and fuel over gadgets.

“We were faced with two options: either shut down operations entirely and lay off all 25 employees, or transition them to a performance-based system.

“We chose to keep them on, but now, a base salary only covers basic transport, while 70 percent of their take-home pay relies purely on the volume of goods they sell.”

He explained that while the decision was painful, it has kept his business afloat.

“It forces the team to be aggressive, but more importantly, it aligns our expenses directly with our actual revenue.

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“If the business doesn’t make money, we cannot afford to pay out millions in fixed wages.”

While business owners view the move as an innovative emergency cushion, employees describe it as a fast track to financial insecurity.

With the cost of transportation, housing, and utilities skyrocketing, an unpredictable paycheck is pushing many urban workers to the brink.

Chioma Nnaji, a sales representative at a drycleaning service company, shared her recent struggles under the new payment structure.

“Two months ago, management announced that our basic salary was being cut by 60 percent, and the rest would be made up via a five percent commission on a number of clothes washed.

“But the customers are simply not coming. Some days, we don’t make a single sale.

“Those that come leave their clothes for months before coming to collect them.

“Last month, I went home with less than half of what I used to earn. My rent is due, food prices are rising daily, and I cannot even predict what I will earn next week.”

Labor experts warn that this trend could trigger widespread job dissatisfaction and a mental health crisis among the workforce.

The pressure to convert window-shoppers into paying clients in a depressed economy is turning workplaces into high-stress environments.

Economic analysts note that while commission structures are standard practice in sectors like real estate and insurance, their sudden adoption in conventional retail, hospitality, and corporate services reflects a deeper structural crisis.

“What we are seeing is the informalization of formal employment,” Dr. Abiodun Shonubi, a labor economist, said.

“Employers are effectively outsourcing their market risks to their employees. When consumer patronage slows because disposable income has been wiped out by inflation, it is unfair to penalise the floor worker who has no control over macroeconomic policies.

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“While it helps businesses survive short-term cash flow crunches, it ultimately dampens aggregate demand because workers have less money to spend, creating a vicious cycle for the economy.”

However, given the scarcity of alternative job openings, many employees feel powerless to challenge the changes.

As the business landscape remains volatile, the commission-based salary model appears poised to stay.

For Nigerian employers, it is a necessary life support machine. For the average worker, it is another heavy layer of uncertainty in an already challenging economic climate.

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Business and Economy

NBTI Receives, Presents Nigeria’s 7 Shining Stars in Lahore, Pakistan to Science and Tech Minister

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By Seyi Balogun

Seven Nigerian entrepreneurs who proudly represented the nation and distinguished themselves at the SEE Pakistan 2026 World Startup Championship in Lahore, Pakistan have been received by the Management of the National Board for Technology Incubation (NBTI), led by the Director-General/Chief Executive Officer, Dr. Kazeem Kolawole Raji.

The remarkable international performance of the Nigerian entrepreneurs represents another compelling demonstration of the depth of talent, creativity, enterprise and technological ingenuity embedded within Nigeria’s emerging innovation ecosystem. SEE Pakistan 2026 brought together startups, entrepreneurs, investors, mentors and innovation stakeholders through a major international platform designed to promote entrepreneurship, innovation, visibility and global collaboration.

Following their reception at NBTI, the seven champions were presented to the Honourable Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, where their outstanding international achievement was formally showcased as part of the Federal Government’s continuing efforts to strengthen Nigeria’s technology, innovation and entrepreneurship ecosystem.

The achievement is particularly significant against the backdrop of the transformative economic direction of the administration of President Bola Ahmed Tinubu whose bold economic and institutional reforms are designed to reposition Nigeria for sustainable growth, productivity, investment and prosperity.

President Tinubu’s administration has articulated the ambition of building a $1 trillion Nigerian economy by 2030, with technology, innovation, productivity, enterprise development and a skilled youthful workforce forming important components of that transformation agenda. The Federal Government’s Nigeria First Policy, in particular, places emphasis on strengthening Nigerian businesses, promoting domestic products and services, creating employment and enhancing the competitiveness and innovative capacity of Nigerian enterprises.

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The NBTI Management commends President Bola Ahmed Tinubu, GCFR, for providing a policy environment in which Nigerian entrepreneurs, innovators and technology-driven enterprises can increasingly aspire to compete beyond the shores of Nigeria.

The Board recognises that the transformation of Nigeria into a globally competitive, innovation-driven economy requires more than policies alone. It requires deliberate investment in people, institutions, technology, entrepreneurship, research, product development, incubation, commercialisation and access to international markets.

It is within this broader national vision that NBTI continues to strengthen its Technology Incubation Centres and support mechanisms for entrepreneurs across the country.

Speaking at the reception, the Director-General/CEO of NBTI, Dr. Kazeem Kolawole Raji, congratulated the entrepreneurs for their resilience, professionalism, determination and exceptional representation of Nigeria on the international stage.

Dr. Raji described their achievement as a powerful reflection of the enormous creative and entrepreneurial capacity of Nigerian youths and innovators.

He stated that the success of the entrepreneurs was not merely an individual accomplishment but also a demonstration of what can be achieved when innovation, incubation, mentorship, institutional support and entrepreneurial determination are brought together.

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Business and Economy

Reduce Food Waste, Mrs Tinubu urges Nigerian Households, Communities

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By Nick Ibe

A call to reduce food waste and adopt sustainable practices to protect the environment has been made by the First Lady, Senator Oluremi Tinubu in a message marking the 2026 World Cleanup Day.

The day was observed on Sunday with the theme, “From Clean Plates to Clean Cities.”

She said the focus on food waste was particularly apt as climate change, conflicts and other global challenges continue to disrupt food production and supply. In her words:

“This year’s focus on food waste is particularly important at a time when climate change, conflicts, and other global challenges continue to disrupt food production and supply.”

She urged Nigerians to become more responsible in how they purchase, prepare, consume, and preserve food.

“I encourage households, businesses, and communities to reduce food waste, dispose of refuse properly, and adopt more sustainable practices that protect our environment,” she added.

Tinubu said collective efforts were needed to build cleaner and healthier communities for present and future generations.

“Through our collective efforts, we can build cleaner, healthier communities for present and future generations,” she said.

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