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More Pressure on Oil Markets as Iran Threatens UAE Ports After US Strikes Kharg Island

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More Pressure on Oil Markets as Iran Threatens UAE Ports After US Strikes Kharg Island

Tensions in the Middle East continued to escalate yesterday after Iran vowed retaliation against strategic ports and facilities in the United Arab Emirates (UAE) following last week’s US attack on its key oil export hub on Kharg Island. The developments have added fresh pressure on global oil markets already strained by disrupted shipping routes and geopolitical risk. Iran’s response included direct warnings to residents near major UAE facilities — including Jebel Ali Port in Dubai, Khalifa Port in Abu Dhabi, and Fujairah Port in the eastern emirate — to evacuate before possible attacks. Tehran’s leadership cited these locations as potential targets because they house American interests and military assets that Iran claims were used to launch recent strikes against its territory.

Officials in the UAE have not confirmed imminent attacks but have suspended some oil loading operations in Fujairah after a separate drone strike caused a fire at the port earlier this week. Fujairah, outside the Strait of Hormuz, is a crucial hub for the UAE’s crude exports and supplies about 1 million barrels per day of Murban crude — equivalent to roughly 1% of global demand.

In a statement attributed to the country’s Revolutionary Guards, Iran declared that it considers it a “legitimate right to defend its national sovereignty” by targeting what it described as “American hideouts” and military positions in the UAE. The government acknowledged the US military’s recent assault on Kharg Island, which US commanders say struck more than 90 Iranian military targets, including storage facilities for naval mines and missiles. Although the United States says it avoided damage to Iran’s oil infrastructure, Iranian authorities have disputed claims regarding the effectiveness of the attack. Video footage and local reports suggest some facilities on the island — a key transit point for about 90% of Iran’s crude exports — may remain functional despite the strikes.

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Iran’s foreign ministry earlier suggested it might allow limited passage of oil tankers through the Strait of Hormuz only if crude cargoes are sold in Chinese yuan, challenging the dominance of the US dollar in global oil trade — a move that, if implemented, could have major implications for commodity markets.

The geopolitical escalation has already injected a fresh “risk premium” into oil prices, pushing benchmarks higher. Traders globally are monitoring the situation closely, with concerns that any disruption to key sea routes — particularly the Strait of Hormuz, through which a significant portion of world oil supplies transit — could sharply tighten global supply. Crude oil prices, which had climbed over recent sessions, remained elevated in markets yesterday. The threat of attacks near major shipping lanes and export terminals has compounded fears that supply could be interrupted for longer than previously anticipated.

The crisis has also influenced domestic fuel prices in countries heavily reliant on imported refined products. In Nigeria, pump prices for petrol remained above ₦1,000 per litre in many areas, reflecting the ripple effect of higher global crude prices. However, analysts noted that fuel queues were largely absent, suggesting that traders have adjusted distribution and pricing relatively smoothly for now. Transport fares, according to commuters and transport unions, have not decreased despite the recent price stability at filling stations, with many operators citing ongoing cost pressures from exchange rate volatility and logistical expenses.

In Abuja, the Presidency dismissed claims by former Anambra State governor and Labour Party presidential candidate Peter Obi, who had attributed the rising petrol prices partly to Nigeria’s lack of a strategic petroleum reserve (SPR). The government described Obi’s explanation as an oversimplification of global energy market dynamics. Olusegun Dada, Special Assistant to the President on Social Media, reiterated that Nigeria’s price deregulation means fuel costs are now driven by crude oil prices, exchange rates, shipping costs and geopolitical risks rather than government price controls. He said strategic reserves, while valuable for emergency situations like wars or embargoes, are not designed to stabilize everyday retail prices. Instead, Nigeria’s energy challenges, he argued, stem from limited refining capacity, dependency on imported refined products, and structural inefficiencies in the sector.

In the midst of rising turmoil, US President Donald Trump reiterated calls for other nations to help secure the Strait of Hormuz, one of the world’s most critical oil shipping corridors. In a social media statement, Trump said he expected countries “especially those affected by Iran’s attempted closure of the Hormuz Strait” to dispatch warships to protect maritime traffic. He named China, France, Japan, South Korea, and the UK as potential partners, though none had publicly confirmed participation at the time of his remarks. Trump also warned that Iran, despite suffering significant damage, continued to pose risks to shipping, saying the US would “continue military operations to secure the route” and ensure it is “open, safe, and free.”

More Pressure on Oil Markets as Iran Threatens UAE Ports After US Strikes Kharg Island

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Trump Image to Appear in Special US Passports for America250 Celebration

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U.S President Donald Trump
US President Donald Trump

Trump Image to Appear in Special US Passports for America250 Celebration

The United States government has confirmed that a limited-edition passport featuring an image of President Donald Trump will be issued as part of celebrations marking the country’s 250th anniversary of independence, a move that has triggered political debate and criticism in Washington.

The State Department announced that the special passport series will be released under the “America250” commemoration programme, which honours the signing of the Declaration of Independence in 1776.

A sample of the redesigned passport shared by the department shows a stern-looking image of Trump placed over a backdrop of the Declaration of Independence, dated July 4, 1776, alongside his signature printed in gold ink.

Another version of the commemorative passport reportedly features historic artwork of the U.S. Founding Fathers, designed to reflect key moments in American history.

Officials said the limited-edition passports will not replace standard travel documents and will function exactly like regular U.S. passports in terms of security, validity and international recognition.

According to the State Department, the special passports will only be available in limited quantities and issued through in-person appointments at selected offices in Washington, D.C., and will be distributed on a first-come, first-served basis while supplies last.

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A department official noted that the initiative is purely commemorative and part of broader national celebrations for the semiquincentennial anniversary.

However, critics say the move breaks long-standing diplomatic and institutional norms, arguing that it is highly unusual for a sitting U.S. president to be featured on official travel documents.

Democratic lawmakers have strongly condemned the decision, accusing Secretary of State Marco Rubio and the administration of politicising government institutions and prioritising personal branding over national neutrality.

Some lawmakers argued that public funds should focus on pressing global and domestic issues rather than symbolic projects centred on the president.

Traditionally, U.S. passports feature national symbols, historical landmarks and cultural imagery such as the Statue of Liberty, the Moon landing and national monuments, rather than living political figures.

Diplomatic observers note that even in countries where leaders have strong political influence, it is rare for sitting heads of government to appear in passports, as such documents are generally designed to remain politically neutral for international use.

The Trump administration, however, has increasingly incorporated presidential branding into federal institutions since his return to office, including the placement of his name and imagery on public buildings and initiatives.

Reports also indicate that Trump’s signature is set to appear on U.S. currency as part of a separate redesign initiative, further expanding his presence in federal visual identity.

The special passport rollout is expected to begin ahead of the July 2026 independence celebrations, although officials have not confirmed how long the limited edition will remain available.

The announcement continues to fuel debate in political circles over the balance between national commemoration and political symbolism in government institutions.

Trump Image to Appear in Special US Passports for America250 Celebration

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Global Oil Market Shaken as UAE Announces Withdrawal from OPEC

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Global Oil Market Shaken as UAE Announces Withdrawal from OPEC

Global Oil Market Shaken as UAE Announces Withdrawal from OPEC

The United Arab Emirates (UAE) has officially announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, ending more than five decades of membership in one of the world’s most powerful oil-producing blocs.

The decision, which takes effect on May 1, 2026, marks a major turning point in global energy politics and is expected to have significant implications for the global oil market, crude oil prices, and international energy supply coordination.

The announcement came ahead of a crucial OPEC meeting in Vienna, where member nations were expected to deliberate on production strategies amid rising geopolitical instability in the Middle East and continued disruptions in the Strait of Hormuz.

UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei, described the withdrawal as a “policy-driven evolution” designed to align with the country’s long-term economic and energy interests.

According to him, the UAE remains committed to supporting global energy security while providing “reliable, responsible and lower-carbon energy supplies” to international markets.

Al Mazrouei also expressed appreciation to OPEC member states for decades of cooperation, noting that the UAE’s relationship with the organization had contributed significantly to global oil market stability over the years.

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Reports by the UAE state news agency, WAM, revealed that the decision followed an extensive review of the country’s future production strategy, investment plans, and national priorities.

Industry analysts say the UAE has increasingly sought greater flexibility in oil production after investing billions of dollars to expand its output capacity. The country is currently targeting production capacity of about five million barrels per day by 2027, a figure significantly above previous OPEC production quotas.

Experts believe the withdrawal could allow Abu Dhabi to independently increase oil production without being restricted by collective output agreements imposed by OPEC and OPEC+.

The development comes at a critical period for the global energy industry, as tensions linked to the ongoing Iran conflict continue to threaten stability in the Gulf region.

Recent disruptions around the Strait of Hormuz, one of the world’s most important oil shipping routes, have intensified concerns over global supply shortages and rising energy prices.

Energy market observers warn that the UAE’s exit could weaken OPEC’s ability to control global crude supply and maintain coordinated production cuts among member states.

The UAE has long been considered one of OPEC’s most influential members alongside Saudi Arabia, Iraq, Kuwait, and Iran. Its departure is expected to trigger fresh debates about the future relevance and unity of the oil cartel, especially following the exits of Qatar and Angola in recent years.

Following the announcement, international oil prices experienced volatility as investors reacted to uncertainty surrounding future production coordination among major oil-producing nations.

Analysts say the move could ultimately reshape global oil dynamics, particularly if other member states begin reconsidering their participation in the alliance.

Global Oil Market Shaken as UAE Announces Withdrawal from OPEC

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Guterres Raises Alarm Over Rising Nuclear Risks at NPT Conference

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United Nations Secretary-General, António Guterres
United Nations Secretary-General, António Guterres

Guterres Raises Alarm Over Rising Nuclear Risks at NPT Conference

The United Nations Secretary-General, António Guterres, has warned that the world is slipping into a dangerous state of “collective amnesia” over the risks of nuclear weapons, as global tensions and military build-ups continue to rise.

He made the remarks at the Eleventh Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), where countries gathered to review global progress on nuclear disarmament, non-proliferation, and peaceful nuclear cooperation.

Guterres said the meeting comes at a critical moment to protect humanity from the threat of nuclear annihilation, recalling that the goal of eliminating nuclear weapons dates back to the United Nations’ first General Assembly resolution in 1946.

He warned that the world is forgetting the lessons of the past, when nuclear fears shaped daily life—such as children practicing missile drills, governments building fallout shelters, and communities suffering from nuclear testing.

According to him, a “collective amnesia” has taken hold, allowing nuclear risks to resurface as mistrust grows between states and global arms control systems weaken.

The UN chief also highlighted that global military spending has reached $2.7 trillion, describing it as a massive imbalance compared to global development aid and equivalent to Africa’s entire GDP.

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He further warned that for the first time in decades, the number of nuclear warheads is increasing, while discussions about nuclear testing and weapons expansion are re-emerging in some countries.

Guterres cautioned that arms control frameworks are eroding and that international norms designed to prevent nuclear escalation are under severe strain.

He reminded world leaders of a key principle: that a nuclear war cannot be won and must never be fought, stressing that nuclear weapons do not provide security but instead increase global danger.

The Secretary-General described the NPT as the cornerstone of global nuclear governance, but warned that it is under pressure due to unfulfilled commitments, declining trust, and rising geopolitical tensions.

He urged countries to fully honour their obligations under the treaty without delay or conditions, while strengthening safeguards and supporting the International Atomic Energy Agency (IAEA) in its monitoring role.

Guterres also stressed that the treaty must evolve to address emerging technologies such as artificial intelligence and quantum computing, which could increase nuclear risks if not properly regulated.

He said future nuclear governance must ensure human control over nuclear weapons systems while also expanding access to peaceful nuclear technology for sustainable development.

The UN chief concluded by calling for renewed global commitment to disarmament, warning that the strength of the NPT depends on the political will of member states to uphold it.

He added that with stronger cooperation, the treaty can remain a foundation for a safer, nuclear-free world in an era of rapidly changing technology.

Guterres Raises Alarm Over Rising Nuclear Risks at NPT Conference

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