Global energy markets are in freefall after U.S. President Donald Trump announced a breakthrough deal with Iran to end the war and completely reopen the vital Strait of Hormuz.

​In immediate response to the diplomatic breakthrough, Brent crude—the global oil benchmark—dropped sharply by 4.7% to $83.24 (£61.94) a barrel. Financial markets reacted with a massive sigh of relief, sending shares in Asia and Europe jumping as geopolitical tensions eased.

​The historic agreement was reached with the help of Pakistan, which has served as a key mediator throughout the conflict. According to the Prime Minister of Pakistan, the United States and Iran are scheduled to formally sign a memorandum of understanding in Switzerland this Friday. Trump further confirmed on Sunday that the U.S. naval blockade of Iranian ports would end, and promised that the Strait of Hormuz would be open “toll free.”

​The resolution comes after a devastating three-month disruption to the global economy. The world has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a critical maritime chokepoint that handles a fifth of the world’s total oil and liquefied natural gas supplies.

Relief is expected to materialize over the coming weeks. According to Iran’s semi-official Mehr news agency, the draft deal calls for reopening the Strait of Hormuz within 30 days under Iranian arrangements, paving the way for a full restoration of global energy trade.

Former South African President has called on African nations to let go of practices, policies, and attitudes that impede growth and development, urging leaders to embrace reforms that promote prosperity and unity across the continent.

Mbeki made the remarks while addressing stakeholders at a public engagement, where he reflected on Africa’s development journey and the challenges facing many countries in the region.

According to him, sustainable progress can only be achieved when nations are willing to confront issues that undermine economic growth, good governance, and social advancement. He stressed that Africa must remain focused on innovation, education, industrialization, and regional cooperation.

The former president noted that the continent possesses immense human and natural resources but must adopt policies that unlock its full potential and improve the living standards of its people.

Mbeki also emphasized the importance of strong institutions, accountable leadership, and inclusive governance, arguing that these factors are essential for building stable and prosperous societies.

He urged African leaders to prioritize long-term national interests over short-term political considerations, adding that meaningful development requires collective commitment and strategic planning.

His comments come amid ongoing discussions about economic transformation, governance reforms, and regional integration efforts across Africa.

Observers say Mbeki’s message reinforces the growing call for African nations to pursue policies that encourage innovation, investment, and sustainable development while addressing structural challenges that continue to slow progress.

The Federal High Court in Lagos has declared unlawful the National Assembly’s controversial expenditure of N110 billion on sport utility vehicles (SUVs) and support allowances for lawmakers, ruling that the spending violated procurement laws, constitutional provisions, and the principles of public accountability.

In a judgment delivered by Justice Yellim Bogoro in Suit No. FHC/L/CS/1606/2023, the court held that the allocation of N40 billion for the purchase of 465 vehicles for federal lawmakers and N70 billion as support allowances for newly elected members was inconsistent with due process requirements and the public trust.

The lawsuit was instituted by the Socio-Economic Rights and Accountability Project (SERAP) in August 2023 following public outrage over the planned expenditure at a time many Nigerians were grappling with economic hardship.

According to a certified true copy of the judgment obtained on Sunday, the court also directed the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, to ensure that all future procurement processes and spending of public funds by the National Assembly strictly comply with established due process guidelines.

Justice Bogoro further stressed that future expenditures must be guided by the principles of transparency, accountability, and value for money, reinforcing the need for prudent management of public resources.

SERAP, in a statement signed by its Deputy Director, Kolawole Oluwadare, welcomed the judgment, describing it as a significant victory for accountability and the rule of law.

The organisation explained that it approached the court after the National Assembly announced plans to spend N40 billion on official vehicles and another N70 billion in support packages for lawmakers despite the country’s worsening economic situation.

The ruling is expected to intensify public debate over government spending priorities and could have far-reaching implications for future budgetary allocations and procurement practices within the National Assembly.