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Crude Sinks As Trump Delays Decision On Iran Strike

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Oil prices tumbled Friday and equity traders fought to end a volatile week on a positive note after Donald Trump said he would consider over the next two weeks whether to join Israel’s attacks on Iran.

Speculation had been swirling that Trump would throw his lot in with Israel, but on Thursday, he said he would decide “within the next two weeks” whether to involve the United States, giving diplomacy a shot to end the hostilities.

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While tensions are sky high amid fears of an escalation, the US president’s remarks suggested the crisis could be prevented from spiralling into all-out war between the Middle East foes.

Since Israel first hit Iran last Friday, the two have exchanged deadly strikes and apocalyptic warnings, though observers said the conflict has not seen a critical escalation.

European foreign ministers were due to meet their Iranian counterpart on Friday in Geneva.

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READ ALSO: Iran, Israel Need ‘To Fight It Out’ To Reach Deal – Trump

In a statement read out by White House Press Secretary Karoline Leavitt, the president said: “Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks.”

Leavitt added: “If there’s a chance for diplomacy, the president’s always going to grab it, but he’s not afraid to use strength as well.”

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Both main oil contracts were down around two per cent Friday, but uncertainty prevailed, and traders remained nervous.

Crude still calls the shots, and volatility’s the devil in the room — and every trader on the street knows we’re two headlines away from chaos,” said Stephen Innes at SPI Asset Management.

Make no mistake: we’re trading a geopolitical powder keg with a lit fuse.

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READ ALSO: Trump Orders Deportation Drive Targeting Democratic Cities

“President Trump’s two-week ‘thinking window’ on whether to join Israel’s war against Iran is no cooling-off period — it’s a ticking volatility clock.”

Stocks were mixed following a public holiday in New York, with Hong Kong, Taipei, Mumbai and Bangkok all up with London, Paris and Frankfurt.

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Seoul’s Kospi led the gains, rising more than one per cent to break 3,000 points for the first time in nearly three and a half years.

The index has risen every day except one since the June 4 election of a new president, which ended months of political crisis and fuelled hopes for an economic rebound.

Tokyo fell as Japanese core inflation accelerated, stoked by a doubling in the cost of rice, a hot topic issue that poses a threat to Prime Minister Shigeru Ishiba ahead of elections next month.

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READ ALSO:Netanyahu Says Israel’s Strikes On Iran Have ‘Clear Support’ Of Trump

There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta.

The Middle East crisis continues to absorb most of the news but Trump’s trade war remains a major obstacle for investors as the end of a 90-day pause on his April 2 tariff blitz approaches, with few governments reaching deals to avert them being imposed.

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While the worst of the tariffs have been paused, we suspect it won’t be until those deadlines approach that new agreements may be finalised,” said David Sekera, chief US market strategist at Morningstar.

Until then, as news emerges regarding the progress and substance of trade negotiations, these headlines could have an outsize positive or negative impact on markets.”

Key figures at around 0715 GMT: Brent North Sea Crude: DOWN 2.6 percent at $76.85 per barrel, West Texas Intermediate: DOWN 1.9 percent at $73.62 per barrel, Tokyo – Nikkei 225: DOWN 0.2 percent at 38,403.23 (close), Hong Kong – Hang Seng Index: UP 0.8 percent at 23,421.80, Shanghai – Composite: DOWN 0.1 percent at 3,359.90 (close), London – FTSE 100: UP 0.3 percent at 8,819.26 Euro/dollar: UP at $1.1517 from $1.1463 on Thursday, Pound/dollar: UP at $1.3467 from $1.3429, Dollar/yen: DOWN at 145.38 yen from 145.63 yen Euro/pound: UP at 85.51 pence from 85.36 pence.

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Leader Of UK Christian Group Convicted Of Sexually Abusing Women

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Chris Brain, 68, the leader of a UK Christian group once backed by the Church of England, has been convicted of sexually abusing nine women in his congregation.

A jury delivered the final verdicts on Thursday.

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‎Brain led the Nine O’Clock Service, an evangelical movement in Sheffield during the 1980s and 1990s. The group was known for its nightclub-style worship, held at 9 p.m. on Sundays, which included live music and drew large crowds of young people.

‎Prosecutors said Brain used his authority to control members of the congregation, isolating them from family and friends, and used his position to commit sexual assaults. He also maintained a group of young women known as the “lycra nuns” who assisted him, his wife, and his daughter at home, prosecutor Tim Clark told the court.

READ ALSO:UK Bans Sanex Advert For Calling Black Skin ‘Problematic’, White Skin ‘Superior’

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‎The leader of the UK Christian group was charged with 36 counts of indecent assault and one count of rape involving 13 women between 1981 and 1995. He denied the charges, claiming any sexual contact was consensual.

‎Following a trial at Inner London Crown Court, he was convicted of 17 counts of indecent assault against nine women. He was acquitted of 15 other charges, while the jury could not reach a verdict on four additional indecent assault charges and the rape allegation. The Crown Prosecution Service said it would “carefully consider” whether to seek a retrial.

‎The Nine O’Clock Service had received approval from the Church of England. In 1990, the Archbishop of Canterbury-elect George Carey met with Brain to discuss his methods, and his ordination was expedited. Prosecutors said the group even spent heavily to purchase the costume worn by Robert De Niro in the 1986 film The Mission for his ceremony.

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READ ALSO:Russia Returns Bodies Of 1,000 Ukrainian Soldiers

‎Brain resigned shortly before a BBC documentary aired in 1995, accusing him of inappropriate sexual behaviour. Carey later said he was “crushed and let down” when the allegations became public.

‎In court, Brain admitted to receiving massages from congregation members that sometimes became sexual but denied manipulating or controlling them.

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‎Bishop of Sheffield Pete Wilcox said in a statement: “What happened was an appalling abuse of power and leadership that should never have occurred. Where concerns were raised in the past and were not acted upon properly, that was a failing of the Church. For those institutional failures, I offer an unreserved apology.”

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Russia Claims More Ukraine Land As Hopes For Summit Fade

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Russia on Saturday said its forces had taken two villages in eastern Ukraine’s Donetsk region, increasing the military pressure as world leaders struggle to broker an end to the conflict.

South Africa added its voice to those calling for a summit between Ukraine and Russia.

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Russian forces are slowly advancing in the embattled eastern region of Donetsk, grinding closer to Kyiv’s key defensive line in costly metre-for-metre battles.

Moscow’s defence ministry said on Telegram that its forces had captured the villages of Sredneye and Kleban-Byk.

The taking of Kleban-Byk would mark a further advance towards Kostiantynivka — a key fortified town on the road to Kramatorsk, where a major Ukrainian logistics base is located.

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READ ALSO:Top Russian General Seriously Wounded In Ukraine – Officials

On Friday, Russia said its troops had captured three villages in the Donetsk region it claimed to have annexed in September 2022.

On Saturday, Ukrainian military officials said its forces had stopped a Russian advance and recaptured the village of Zeleny Gai in the Donetsk region in a post to Telegram.

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In July, Russia claimed the capture of the village, on the border with Dnipropetrovsk, adding that it was an important stronghold used by Ukraine to protect the area.

– Ramaphosa backs summit –
The latest Russian advances come as hopes dim for a summit between Russian and Ukrainian presidents — a solution championed by US President Donald Trump as part of his efforts to end the conflict.

READ ALSO:Russian Politicians Mock European Leaders After White House, Ukraine Talks

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South African President Cyril Ramaphosa on Saturday added his voice to calls for a Russia-Ukraine summit during a telephone conversation with Ukrainian President Volodymyr Zelensky.

President Ramaphosa stressed the urgency of holding bilateral and trilateral meetings between the leaders of Russia and Ukraine and the United States as key to signal a firm commitment to ending the war,” said a statement from his office.

Ramaphosa, who currently chairs the G20, also spoke with French President Emmanuel Macron and Finnish President Alexander Stubb, the statement added. He will speak with other European leaders in the coming weeks.

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Ramaphosa spoke on Monday with Vladimir Putin, whom he described in October at the BRICS summit as a “dear ally” and a “valued friend”.

READ ALSO:Ex-Chadian PM Masra Jailed For Hate Speech, Xenophobia

However, for the first time since Russia’s attack on Ukraine, South Africa earlier this year backed a UN resolution declaring that Russia had launched a full-scale invasion of Ukraine.

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Zelensky said he had told Ramaphosa he was ready for any kind of meeting with Putin.

However, we see that Moscow is once again trying to drag everything out even further,” he said on X.

He called on the Global South to send “relevant signals and (push) Russia toward peace”.

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On Friday, Russian Foreign Minister Sergei Lavrov said “no meeting” was planned as Trump’s mediation efforts appeared to stall, while Zelensky accused Russia of trying to prolong the offensive.

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US Suspends Work Visas For Nigerian, Foreign Truck Drivers

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The United States government has suspended the issuance of work visas for Nigerian and other foreign truck drivers, citing job security concerns and safety risks for American citizens.

Secretary of State Marco Rubio announced the decision on Thursday, saying it takes immediate effect.

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According to him, the rising number of foreign truck drivers on U.S. highways is both threatening lives and reducing opportunities for American truckers.

READ ALSO:JUST IN: US Visa Restrictions On ECOWAS Countries Threaten Regional Prosperity — FG

Effective immediately, we are pausing all issuance of worker visas for commercial truck drivers.

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“The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers,” Rubio said.

The move comes under President Donald Trump’s renewed clampdown on immigration since returning to office in January 2025.

READ ALSO:US Visa Adjudication Sparks Concerns Over Diplomatic Relations

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As part of new measures, travellers from countries with high visa overstay rates or weak travel databases will be required to pay a bond of $5,000 to $15,000 before obtaining certain categories of visas.

The U.S. Embassy in Nigeria also directed all visa applicants to disclose their social media handles from the past five years, warning that failure to comply could result in denial of applications and possible ineligibility for future visas.

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