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Iran War Disrupts Oil Supply, Global Loss Hits $50bn

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The global oil market has recorded losses exceeding $50bn following massive supply disruptions triggered by the ongoing Iran war, which has now stretched to nearly 50 days.

Data from energy analytics firm Kpler showed that more than 500 million barrels of crude oil and condensate have been wiped off the global market since the crisis began in late February, making it the largest energy supply disruption in modern history.

Iran’s Foreign Minister, Abbas Araqchi, on Friday said the Strait of Hormuz had been reopened after a ceasefire agreement reached in Lebanon.

However, tensions escalated again on Saturday as Tehran warned it could shut the strategic waterway if the United States sustains its blockade of Iranian ports.

Also, U.S. President Donald Trump expressed optimism that a deal to end the conflict could be reached “soon,” although he did not provide a definite timeline.

Analysts warned that the scale of disruption could have prolonged effects on global energy stability, with shocks expected to linger for months or even years.

Providing context, Principal Analyst at Wood Mackenzie, Iain Mowat, said the 500 million barrels lost is equivalent to grounding global aviation demand for 10 weeks, halting all road transport worldwide for 11 days, or shutting down the entire global oil supply for five days.

Further estimates showed that the lost volume is nearly equal to one month of oil demand in the United States or more than a month’s supply for Europe. It also represents about six years of fuel consumption by the U.S. military and could power global shipping activities for approximately four months.

The crisis has significantly affected oil-producing nations in the Gulf, with output losses reaching about eight million barrels per day in March—roughly equivalent to the combined production of two of the world’s largest oil companies.

Jet fuel exports from major producers, including Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain, and Oman, dropped sharply from 19.6 million barrels in February to just 4.1 million barrels recorded across March and April combined. Analysts said the shortfall could have powered about 20,000 round-trip international flights.

With crude prices averaging around $100 per barrel since the onset of the conflict, the lost volumes translate to an estimated $50bn in revenue. Experts noted that this figure is equivalent to about one per cent of Germany’s annual Gross Domestic Product, or roughly the size of the economies of smaller European countries.

Meanwhile, global onshore crude inventories have declined by about 45 million barrels in April alone, while total production outages have risen to approximately 12 million barrels per day since late March.

Industry experts cautioned that unless a lasting resolution is reached, the disruption could intensify volatility in global oil markets, worsen inflationary pressures, and further strain fragile economies worldwide.

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Independence: Alli celebrates Nigeria at 66, seeks support for Tinubu, APC candidates

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The Oyo State governorship candidate of the All Progressives Congress (APC), Senator Sharafadeen Abiodun Alli, has urged Nigerians to renew their faith in the country and support President Bola Tinubu and other APC candidates in the 2027 elections.

Alli made the call in his Independence Day message issued in Ibadan on Thursday to mark Nigeria’s 66th Independence Anniversary.

The APC candidate said the anniversary was not only a moment to celebrate the country’s freedom but also an opportunity for citizens to reflect on the sacrifices of the nation’s founding fathers and the responsibility of the present generation to build a better Nigeria.

He urged Nigerians to remain united and patriotic, saying the country’s challenges could be overcome through responsible leadership, collective action and commitment to national development.

Alli also appealed to Nigerians to support the Tinubu administration’s economic reforms, saying the government needed the cooperation of citizens to move the country from economic stabilisation to increased production, investment and shared prosperity.

He said, “We must never lose faith in Nigeria. Despite the challenges confronting the nation, our country remains endowed with enormous human and natural resources capable of making it one of the most prosperous nations in the world.”

The former senator particularly urged the people of Oyo State to support Tinubu and other APC candidates in the 2027 elections.

According to him, having an APC-led government in Oyo State would provide an opportunity for closer coordination between the state and Federal Government in the implementation of development programmes.

Alli said his aspiration to govern the state was driven by a desire to provide purposeful, inclusive and people-centred leadership.

He listed education, security, healthcare, agriculture, infrastructure, youth empowerment, economic development, workers’ welfare and local government autonomy among the areas his administration would prioritise if elected.

He said the state had significant potential in agriculture, commerce, industry, tourism and human capital, but required deliberate policies to translate those advantages into opportunities for its people.

“We are seeking the mandate to build an Oyo State where our children can receive quality education, our farmers can produce without fear, our young people can find opportunities and our communities can benefit from meaningful infrastructure.

“Our campaign is not about political power for its own sake. It is about service, development and restoring greater confidence in the ability of government to improve the lives of our people,” Alli said.

The APC candidate also called on members of the party across the 33 local government areas and 351 wards of the state to close ranks and work collectively for the success of the party’s candidates.

He urged party members to see the senatorial, House of Representatives and House of Assembly candidates as members of one team working towards advancing the interests of Oyo State.

Alli congratulated President Tinubu, the Federal Government, state and local governments as well as Nigerians on the Independence anniversary.

He prayed for peace, security and prosperity in the country and urged citizens to remain hopeful and committed to the task of nation-building.

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‘Today, we celebrate Olubadan Ladoja’s wisdom, service at 82’ – Oseni

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Oyo South Senatorial Candidate of the All Progressives Congress (APC), Hon. Aderemi Oseni has congratulated the Olubadan of Ibadanland, Oba Rashidi Ladoja, on his 82nd birthday.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, in a statement issued by his media aide, Idowu Ayodele, on Friday, described Oba Ladoja as an elder statesman whose years in public service had left a mark on Oyo State.

According to the lawmaker, Olubadan ‘s birthday is an opportunity to celebrate his long years of service and his contributions to the development of Ibadan and the state.

He said, “I warmly congratulate Kabiyesi, Oba Rashidi Ladoja, on his 82nd birthday. Eighty-two years is no small achievement. Beyond the celebration, it is a time to appreciate a life of service, experience and commitment to the people.

“Kabiyesi has served in different capacities and has remained an important figure in the history of Oyo State. Today, we celebrate his wisdom, experience and contributions to Ibadanland.”

The APC chieftain said the monarch ascension to the throne of Olubadan had added another dimension to his years of service to the people.

He said the traditional institution remained central to the history and identity of Ibadanland.

“Leadership comes with responsibility, and Kabiyesi has taken on this responsibility at a very important stage of his life.

“As he clocks 82, I pray that God will continue to give him good health, wisdom and the strength to serve his people. I wish Kabiyesi many more years in good health and peace. May his reign continue to bring unity and progress to Ibadanland,” Oseni said.

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Oyebanji gives security agencies 100 vehicles for state police take-off

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The Ekiti State Governor, Biodun Oyebanji, on Monday handed over 100 operational vehicles to security agencies in the state to strengthen patrols, improve response to distress calls and support the eventual take-off of the state police.

The vehicles were presented to the heads of the various security agencies at a ceremony held at the Osuntokun Pavilion, Government House Grounds, Ado-Ekiti.

Oyebanji said the intervention was part of his administration’s sustained efforts to strengthen the state’s security architecture and protect the lives and property of residents.

According to him, the vehicles are expected to enhance the mobility of security personnel, increase visibility across communities and improve their ability to respond swiftly to emergencies.

The governor said the latest intervention was coming about two years after his administration distributed patrol vehicles, Armoured Personnel Carriers, bulletproof vests, helmets and other security equipment to security agencies in the state.

He said, “Lined up here are 100 units of security vehicles, primarily for operations and mobility of your personnel and the eventual take-off of the state police outfit.”

Oyebanji added that the state government would continue to provide financial and logistical support to security agencies, including its regular monthly assistance and efforts to strengthen state-owned security institutions.

The governor charged the security agencies to make effective use of the vehicles, warning against poor maintenance and unprofessional conduct.

He said the additional vehicles should translate into more frequent patrols, greater security presence, faster response to distress calls and improved operational efficiency.

Oyebanji also urged security agencies to intensify intelligence gathering and make better use of surveillance technology available in the state.

He stressed the need for closer cooperation among the agencies, saying no security formation could effectively tackle emerging threats by operating in isolation.

The governor said the security agencies must remain vigilant as the state moves into a period of increased political activities and preparations for the 2027 elections.

“As we move towards our inauguration ceremony next month and elections in another four months to come, all hands must be on deck to ensure that Ekiti State continues to remain safe and secure,” he said.

Oyebanji commended the security agencies for their sacrifices and collaboration, which he said had contributed to the peace being enjoyed in the state.

He said his administration remained committed to ensuring that Ekiti retained its reputation as one of the country’s safest states.

The governor also called on residents to continue supporting security agencies by providing useful information and cooperating with them to safeguard their communities.

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