/ Aug 25, 2026
/ Aug 25, 2026

Trump vows economic war as Iran threatens oil export shutdown

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US President Donald Trump has vowed to launch what he described as the “most crushing” financial operation against Iran as Washington prepares new sanctions targeting Tehran’s trade partners.

 

The move comes after Iran threatened to halt all oil exports from the Gulf if what it called an economic war continues, raising fresh concerns over global energy supplies.

According to Channels Television, the United States and Israel’s military campaign against Iran has continued for six months, with thousands of deaths reported, mainly in Iran and Lebanon. The conflict has severely affected Iran’s military capacity and economy.

Oil markets reacted cautiously on Monday as investors awaited details of the planned sanctions. Brent crude fell 2.3 per cent to about $92 per barrel, while West Texas Intermediate also declined.

US officials said allies and China would be encouraged to support the new pressure campaign against Tehran. US Vice President JD Vance described the strategy as a “delicate dance”, warning that Iran could respond with economic measures of its own.

Iran’s threat to shut down Gulf oil exports has heightened fears of possible disruption to global energy markets, particularly because the region remains one of the world’s most important oil-producing areas.

Beyond the Middle East tensions, investors are also monitoring developments in global technology markets, including expectations surrounding Nvidia’s upcoming earnings report and Alibaba’s plans to raise $10.2 billion to expand its artificial intelligence ambitions.

Markets are also watching this week’s meeting of global central bankers and finance leaders in Jackson Hole, United States, for signals on future US monetary policy.

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TUC members blocking the entrance of Abuja Continental Hotel in Abuja over alleged unfair labour practices and workers’ rights.

TUC members storm Abuja Continental hotel over workers’ rights

The Trade Union Congress of Nigeria (TUC), through its affiliate, the Hotel and Personal Service Senior Staff Association, has picketed the Abuja Continental Hotel over alleged unfair labour practices, poor working conditions and restrictions on workers’ freedom of association.   The union commenced the picketing on Monday, August 24, 2026, amid a dispute over the unionisation of hotel workers and other labour-related demands. According to Channels Television, the union said repeated efforts to meet with the hotel management to address its concerns had been unsuccessful. The protesters blocked the entrance to the hotel as they pressed their demands. At the time of filing the report, union members were also attempting to lock the hotel gate, but the move was resisted by police officers and some hotel officials. The union’s grievances include what it described as indecent working conditions, alleged unfair labour practices and concerns over workers’ right to organise and freely associate with trade unions. Other reports said the workers gathered at the hotel from the early hours of Monday and commenced the picketing after access to the premises was restricted. Security personnel, including police officers, were deployed to the scene as the protest continued. TUC officials maintained that the industrial action followed unsuccessful attempts to resolve the dispute through dialogue. The hotel management had not issued a public response to the allegations contained in the reports at the time of filing. The claims by the union therefore remain allegations pending any response from the management. The picketing has affected access to the hotel as the union continues to demand action on the issues surrounding workers’ welfare, unionisation and freedom of association.
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