Geopolitics

Petrol retail prices in parts of Nigeria have risen to N1,230 per litre, driven by the Dangote Petroleum Refinery’s decision to sell to marketers in dollars and a jump in global crude prices tied to renewed U.S.-Iran tensions. Major depot loading prices are broadly at N1,185–N1,245 per litre nationwide, and some stations have temporarily suspended sales. Industry groups warned of monopoly-style, arbitrary pricing and said a single company’s actions should not set prices for the entire market. The move highlights a rising global supply-risk premium and intensifying pressure on Nigeria’s downstream pricing framework.

Pakistan’s stock market fell 2,321 points, down 1.3%, on Friday as intensified US-Iran military action in the Middle East stoked fears of supply disruptions through the Strait of Hormuz. Oil prices rose, amplifying concerns about Pakistan’s energy import costs and inflation pressures. The report noted declines across the PSX index, with several local energy and financial stocks under pressure.

The U.S. reinstated a naval blockade on Iran, pushing Brent crude above $85 a barrel. The geopolitical escalation strengthened expectations that inflation and interest rates will stay elevated, increasing worries about funding costs for highly valued tech and software companies. MongoDB, Flywire and Marqeta fell 3%, 3% and 2.3%, respectively, in afternoon trading.

Global stock markets slid sharply on Friday, with the S&P 500 down 1% for the week, the Dow off 0.8% and the Nasdaq down 1.4%. Chipmakers tied to the AI boom led the decline as investors worried that expected AI profits may not materialize as quickly as valuations imply. Oil prices kept jumping as the war with Iran continued, according to AP. The moves underscored how crude and major equity indexes can post directional, tradable intraday swings at the same time.

The US-Iran conflict escalated for a sixth consecutive night, with US forces striking an Iranian port and bridges tied to the Strait of Hormuz. A seven-day moving average of oil flows through the strait fell to 3.9 million bpd from 8.5 million bpd, according to RBC Capital Markets LLC. Kuwait said it was hit by 32 Iranian drones, with damage reported to key infrastructure. The disruptions have interrupted energy transport and weighed directly on global risk assets.

AI-related stocks faced a deepening selloff, sending the S&P 500 down 1.3%, the Nasdaq Composite down 2.1%, and the Dow Jones Industrial Average down 451 points. Over the same period, oil prices kept rising as the U.S.-Iran war continued. The moves reflect a geopolitics-driven cross-asset swing tied to major U.S. equity benchmarks and the oil market, without disclosure of new variables such as an escalation in military action, fresh sanctions, or supply disruptions.

A news alert said Russian investors are issuing tokenized real-world assets (RWAs) on the XRP Ledger to bypass capital controls imposed in Moscow. The report frames this as an on-chain use case focused on actual fund flows, using the XRP Ledger as infrastructure for cross-border value transfer. It did not disclose the scale, participating entities, or any regulatory response, but pointed to a strengthening of the XRP Ledger’s functionality in sanctioned economies. The move does not involve changes to $XRP’s inflation or burn mechanisms, though it could increase on-chain transaction volume, fee revenue, and attention to the ecosystem.

The United States carried out military strikes on Iran for a sixth consecutive night, focusing on facilities at Chabahar port, targets around the Bushehr nuclear power plant, and six bridges near the Strait of Hormuz. Iran said it destroyed two US radar sites in Oman and launched missiles toward Kuwait and other countries, while the fighting has killed 38 people and wounded 400 in Iran. The escalation has heightened regional risk, raising concerns over shipping through the Strait of Hormuz and the stability of energy infrastructure.

Iran launched fresh attacks on U.S. facilities, escalating Gulf tensions and pushing oil prices higher. European technology stocks fell sharply, with ASML down more than 4% on the day. Swedish defence group Saab gained 3.4% after an unexpected rise in second-quarter operating profit and strong demand. The developments drove a near-term split in pricing across energy, defence and semiconductor stocks.

The US Senate has introduced the “Lindsey O. Graham Sanctioning Russia Act of 2026,” proposing 100% tariffs on India, China, Slovakia, Hungary and Azerbaijan for importing Russian crude oil or natural gas, aiming to curb funding for Russia’s war. The proposal includes a 180-day review mechanism to update the targeted-country list and adjust tariff rates. It would exempt certain European countries that meet specified conditions. If passed, the measure would directly affect trade flows of major buyers of Russian oil and could reshape expectations around global crude supply rebalancing while also influencing gas-to-oil substitution dynamics and LNG demand.