Global oil prices tumbled on Monday after United States President Donald Trump said Washington was holding “good talks” with Iran, raising hopes of a diplomatic breakthrough following the suspension of a two-week bombing campaign against the Islamic Republic.

Brent crude, the international oil benchmark, fell by about 8.2 per cent to below $90 per barrel after dropping as low as $87.55 during trading. The decline came after prices briefly climbed above $100 per barrel last week amid heightened tensions in the Middle East.

Reuters quoted Trump as saying there was a good chance of reaching an agreement with Tehran but warned that the United States would resume military action if negotiations failed.

“We’re talking right now. We’re having good talks. I think there’s a good chance that something could happen, and if it does, good; if it doesn’t, we go back to doing what we were doing two days ago,” Trump said.

The latest comments followed Washington’s decision on Saturday to suspend its air strikes on Iran after 13 consecutive nights of bombing.

Despite Trump’s optimism, tensions remained high across the region. Saudi Arabia said it intercepted drones targeting petroleum facilities, including sites in the capital, Riyadh. According to Saudi authorities, the drones were launched from Iraq by Iran-backed armed groups, adding that the kingdom reserved the right to respond.

Iran-backed Houthi rebels in Yemen also claimed responsibility for targeting Saudi Arabia’s East-West Pipeline, which transports crude oil to the Red Sea port of Yanbu. The group said the attack was in retaliation for alleged Saudi drone incursions into Yemeni airspace.

Meanwhile, Iran insisted it had not requested a resumption of peace negotiations with the United States. Foreign Ministry spokesman Esmail Baghaei dismissed reports suggesting Tehran had sought talks, describing them as fabricated.

“This is not in our DNA,” Baghaei said, while noting that messages continued to be exchanged through mediators and that Iran had not abandoned diplomacy.

Tehran also maintained that it remained in control of the Strait of Hormuz, a critical shipping route through which about a fifth of global oil supplies pass, despite Washington’s demand that vessels move freely through the waterway.

According to Iranian state media, authorities turned back six ships on Monday that allegedly attempted to transit the strait without permission.

Reuters reported that Trump’s decision to halt the bombing campaign followed advice from senior military commanders, who reportedly concluded that the strikes had reached the limits of what they could achieve. A US official told the news agency that commanders had expressed concerns over dwindling targets and the depletion of air munitions.

The sharp decline in crude prices could provide some relief to oil-importing countries if sustained, although analysts said the market remained vulnerable to renewed geopolitical tensions should the ceasefire collapse.

Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN) will speak as Special Guest of Honour at the 3rdBusiness Journal Fintech & Financial Inclusion Roundtable 2026 scheduled for Friday, July 31, 2026 at Oriental Hotel, Lekki Road, Victoria Island, Lagos. Time is 10.00 am prompt.

The CBN confirmed the participation of Yemi Cardoso at the Roundtable over the weekend.

The theme of the Roundtable is: Fintech: Driving the Future of Digital Financial Ecosystem in Nigeria.

Other Special Guests of Honour include Dr. Aminu Maida, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) and Mr. Olusegun Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the event.

The Keynote Speakers include Mr. Emmanuel Ovaga, CEO, PufferPay Limited and Dr. Chinyere Almona, Director-General/CEO, Lagos Chamber of Commerce & Industry (LCCI).

The Guests of Honour are Mr. Jide Orimolade, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) and Mrs. Ekeoma Ezeibe, President/Chairman of Council, NCRIB.

Distinguished members of the Panel include:Dr. Muda Yusuf, CEO, Centre for the Promotion of Private Enterprise (CPPE), Mrs. Idu Okeahialam, Group Managing Director/CEO, Royal Exchange Plc, Dr. Obioha Oti, President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr. Sarafadeen Fasasi, President, Association of Financial Inclusion Agents of Nigeria (AFIAN), Chidubem Emelumadu, Ecosystem Lead (Africa), Lis and Mrs. Sola Longe-Okenimkpe, Chief Operating Officer of Vuvu Africa

The revolutionary success story of Moniepoint, Opay, PalmPay, Flutterwave and others in the digital payment system in Nigeria represents a positive expansion of the financial services sector in the country.

With millions of Nigerians and businesses lacking access to basic financial services, the importance of Fintechs remain sacrosanct in achieving substantial level of Financial Inclusion and expanding the frontiers of the industry.

According to AI Overview, Fintechs in Nigeria have revolutionised the financial landscape by dramatically increasing access to banking services, driving, for example, a 20% increase in financial inclusion and helping to bring the banked population to roughly 63%. These firms have introduced faster, affordable digital payments, lending, and investment services, forcing traditional banks to adopt digital transformation.

The 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 aims to underscore the positive contribution of Fintechs in deepening Financial Inclusion, expanding access to financial services and contributing to economic growth in the country.

Expected participants at the Roundtable include regulators, operators from key sectors of the economy, media and members of the general public.

French supermajor TotalEnergies, has hinted its intention to appeal a landmark decision of the Paris Judicial Court from last month, which ordered it to align its business to climate change goals as it held it responsible for climate change.

In a statement, TotalEnergies said that it had decided to appeal the ruling, rendered under the French duty of vigilance law, arguing that “climate change, as a global phenomenon, does not fall within the scope of the duty of vigilance law.”

The oil major also considers that “Imposing companies in energy, defense, aeronautics, or automotive sectors to control risks resulting from the use of their products by their customers does not appear to be consistent with the objectives of the law, or the principles of legal certainty and freedom to conduct business.” Oil.com reports.

“TotalEnergies does not decide whether a motorist chooses to drive a petrol-powered vehicle, use biodiesel, or drive an electric vehicle,” the oil and gas supermajor said, adding that it “seeks to ensure that motorists have access to the energy they choose to use.”

The French firm said it would advance its arguments before the Paris Court of Appeal.

TotalEnergies is not the only European supermajor fighting climate orders in court.

Shell has been dragging a climate lawsuit through Dutch courts for half a decade.

Environmental activists in April launched a new lawsuit against Shell in the Netherlands, demanding that the supermajor stop bringing new oil and gas fields on stream to avoid additional emissions.

In 2024, a Dutch court of appeal handed a victory to Shell in the first landmark climate case, overturning a lower court ruling that had obliged the supermajor to slash its greenhouse gas emissions.

The Court of Appeal of The Hague overturned the 2021 ruling of the District Court of The Hague, in the case brought against Shell by the environmentalist organization Milieudefensie, other NGOs, and a group of private individuals

Etihad Airways has officially announced plans to resume flight operations to Nigeria. The announcement came during a courtesy visit by a delegation from the Abu Dhabi-based carrier to the Minister of Aviation and Aerospace Development, Festus Keyamo, in Abuja.

The development was disclosed in a statement issued by the Special Adviser on Media and Communications to the Minister, Tunde Moshood, who said the airline’s planned return forms part of ongoing efforts to deepen international connectivity and strengthen Nigeria’s position as a key aviation hub in West Africa.

The move is expected to offer Nigerian travellers more direct options to the United Arab Emirates and wider global destinations.

Leading the Etihad delegation was the airline’s Senior Vice President, Aeropolitical, International and Government Affairs, Capt Khalid Al Ali. He was accompanied by Senior Vice President, Network, Alliance and Commercial Strategy, Jurriaan Stelder; Head of Aeropolitical and Industry Affairs, Asma Al Mheiri; and Diplomatic Affairs Manager, Mouza Khadem Al Ghaithi

The Nigerian delegation included the Director-General of the Nigeria Civil Aviation Authority, Chris Najomo; the Managing Director of the Federal Airports Authority of Nigeria, Mrs Olubunmi Kuku; the Managing Director of the Nigerian Airspace Management Agency, Umar Farouk; and other senior government officials.

Speaking during the meeting, Capt Al Ali formally conveyed the airline’s decision to return to Nigeria, describing the move as one that had been eagerly anticipated by the carrier. He expressed appreciation to the Nigerian government for receiving the delegation and reaffirmed Etihad’s commitment to re-establishing operations in the country.

“Your Excellency, thank you very much for receiving us. We’ve been very eager to meet you because of the project to start flying to Nigeria. That’s why we’re here to inform you officially now that we are ready to fly to Nigeria. There’s also a lot of push from our Ambassador to commence flights to Abuja. Our plan is to start Lagos between March 24 and 27, 2027,” Al Ali said.

He revealed that Etihad Airways had already concluded a landmark codeshare agreement with Nigeria’s largest carrier, Air Peace, describing the partnership as a strategic step that would enhance passenger connectivity across Nigeria and beyond.

According to him, the airline intends to deploy its modern Boeing 787 Dreamliner on the Nigeria route, operating daily services to meet expected passenger demand.

Responding, Keyamo welcomed the airline’s decision, describing it as another endorsement of Nigeria’s improving aviation environment. He praised Etihad’s newly signed partnership with Air Peace, saying it reflected growing confidence in indigenous Nigerian airlines.

“I saw you just signed a very good deal with Air Peace yesterday. That’s very good. Air Peace is one of our trusted and most reliable airlines. We are supporting them to grow. It is a very proud Nigerian flag carrier,” the minister said.

He added that the government remained committed to creating an enabling environment for both local and international airlines.

Keyamo said he had looked forward to Etihad’s return for some time, noting that the development aligned with the Federal Government’s reforms aimed at repositioning Nigeria as an attractive destination for global aviation investors. He maintained that restoring confidence among international airlines remained central to the administration’s aviation agenda.

While acknowledging the ongoing renovation and expansion works at the Murtala Muhammed International Airport, Lagos, the minister appealed to Etihad Airways to extend its planned operations beyond Lagos by introducing flights to Abuja, arguing that the nation’s capital presents a huge untapped market.

“Lagos is saturated, but we want to make all the space and everything available for you in Abuja. I want to beg you to consider Abuja. So many passengers from Northern Nigeria travelling to the UAE or transiting to Saudi Arabia for Umrah and other destinations currently have to travel all the way to Lagos to board flights. Everyone has been asking for Abuja. If you start Abuja, you will be amazed by the passenger traffic. So, we are begging you to include Abuja,” Keyamo appealed.

Demonstrating the Federal Government’s determination to ensure a seamless return for the airline, the minister directed the Managing Director of FAAN to immediately facilitate all necessary arrangements for Etihad’s operations at the Lagos airport.

He stressed that every relevant agency must work together to remove bureaucratic bottlenecks before the airline’s planned commencement date.

Responding to the directive, FAAN Managing Director, Mrs Olubunmi Kuku, assured the delegation that the authority would make adequate operational arrangements for Etihad despite ongoing infrastructure upgrades. She acknowledged that space at the temporary terminal remained limited but pledged that every possible effort would be made to accommodate the airline until the airport expansion project is completed.

To accelerate preparations, the minister approved the immediate establishment of a joint working committee comprising officials from the Ministry of Aviation and Aerospace Development, its agencies and Etihad Airways.

Both parties agreed to begin technical engagements through a virtual meeting as early as next week to fast-track regulatory approvals, operational planning and other logistical requirements.

The Dangote Group has proposed the construction of a petroleum products storage terminal in Cameroon as it seeks to strengthen the regional distribution network of its 650,000-barrel-per-day Lekki refinery and expand its footprint in Central Africa.

The proposal was presented to Cameroon’s Prime Minister, Joseph Dion Ngute, on Tuesday by the Group’s Vice President for Oil, Gas and Fertiliser, Devakumar Edwin.

According to details of the proposal shared by a local media outlet, Business in Cameroon, seen on Friday, the planned facility would help build Cameroon’s strategic petroleum reserves, improve fuel supply security and potentially include a pipeline network for transporting refined products, reducing logistics costs and the environmental impact associated with road haulage.

The project, however, remains at the discussion stage, with no agreement announced after the meeting. The Dangote Group has yet to disclose the proposed location of the terminal, its storage capacity, investment value or implementation timeline.

It has also not stated whether the facility would be wholly owned, developed in partnership with the Cameroonian government or executed under a public-private partnership arrangement.

If realised, the project would provide a major export outlet for petroleum products from the Dangote refinery in Lekki, Lagos, which was built to meet domestic demand while supplying regional markets across Africa.

According to reports, the proposed terminal would also position the company to serve not only the Cameroonian market but also landlocked Central African countries, including Chad and the Central African Republic, which rely heavily on Cameroonian ports for fuel imports.

By positioning petroleum inventories closer to end-users, the company is expected to reduce delivery times, lower distribution costs and improve the efficiency of fuel supply across the region.

For Cameroon, the investment could strengthen fuel supply security and diversify petroleum product sources, provided the project aligns with the country’s pricing framework, taxation policies and strategic reserve requirements.

It was learnt that the proposal comes as Cameroon intensifies efforts to expand its petroleum storage capacity through major infrastructure projects in the port city of Kribi.

The country’s National Petroleum Storage Company is currently developing a petroleum terminal with a planned storage capacity of 230,000 cubic metres for refined products, including petrol, diesel and kerosene, alongside facilities capable of storing 40,000 metric tonnes of liquefied petroleum gas.

The project is expected to almost double Cameroon’s existing liquid fuel storage capacity of about 245,500 cubic metres. A second terminal is also being developed by CSTAR Tank Farm Project Management, a consortium owned by Ariana Energy, Tradex and Cameroon’s National Hydrocarbons Corporation.

The CSTAR project is expected to provide between 250,000 and 300,000 cubic metres of storage for diesel, petrol, aviation fuel, kerosene and heavy fuel oil at an estimated cost of CFA168bn.

Combined, the two projects are projected to add at least 480,000 cubic metres of liquid fuel storage capacity to the country’s downstream petroleum sector.

It was said that Dangote’s proposed facility could either complement the government’s ongoing investments or compete with them for access to port infrastructure, financing, pipeline networks and petroleum product volumes.

Cameroon’s petroleum storage business is currently dominated by the National Petroleum Storage Company, which manages the country’s fuel storage facilities, nationwide distribution network and strategic petroleum reserves.

If approved, the Dangote project would mark the group’s entry into Cameroon’s downstream petroleum sector, adding to its existing presence in the country through its cement manufacturing operations in Douala.

The proposal is the latest indication of the group’s ambition to establish a broader regional fuel distribution network anchored on its Lekki refinery, which has increasingly expanded exports to African and international markets.