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CRUDE oil prices remain firmly on track to post another weekly gain, even after easing slightly from the sharp highs recorded on Thursday, as persistent supply disruptions continue to dominate market sentiment. At the time of writing on Friday at 5.42pm Nigerian time, Brent crude was trading at $108.4 per barrel, while West Texas Intermediate […]
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GLOBAL tensions surrounding the ongoing Iran war intensified on Monday as U.S. President Donald Trump renewed threats to target Iran’s critical infrastructure, including power plants, even as he suggested a potential diplomatic resolution could emerge soon. The latest escalation comes amid rising oil prices, which have surged sharpMiddle ly in response to growing fears of […]
OIL prices surged past the $100 mark once again, reflecting uncertainty over the trajectory of the conflict involving the United States, Israel, and Iran. Brent crude climbed amid mixed signals surrounding possible diplomatic engagement, even as tensions on the ground remain unresolved. Brent closed at $104.5 per barrel at 11.24pm Nigerian time, with WTI $88.50. […]
NIGERIA has raised its petrol price by 39.5 percent since the U.S.-Israel-Iran war began on February 28, the second highest increase in the world after Vietnam. This was disclosed by a chart released by Investor Insight, an investor-focused international analyst. The chart shows that only Vietnam has increased its petrol price higher than Nigeria at […]
CHINA’S state-owned refining giant Sinopec plans to reduce its refinery processing rates by about 11 percent–13 percent this month as crude supply disruptions linked to the Middle East conflict squeeze feedstock availability, according to a Reuters report on Friday citing sources familiar with the company’s operations. The refining major, whose facilities represent roughly one-thirds of […]
GOLDMAN Sachs has forecast that Brent Crude will average over $100 per barrel this month due to the ongoing conflict in the Middle East, which continues to restrict supply. The investment bank noted that prices could climb even further if the disruption at the Strait of Hormuz lasts months rather than weeks. Looking ahead, the […]
SAUDI Arabia has issued a fresh tender to sell 2 million barrels of its flagship Arab Light crude for loading later this month from the Red Sea port of Yanbu, according to traders cited by Reuters. The move marks the kingdom’s fourth oil tender in recent weeks as it continues redirecting crude shipments away from […]
GOLDMAN Sachs has revised its projections for crude oil prices, forecasting that Brent crude will average $71 per barrel in the final quarter (Q4) of the year, while West Texas Intermediate (WTI) is expected to average $67 per barrel over the same period, according to analysts cited by Reuters. The latest estimate represents an upward […]
FUEL storage infrastructure at Oman’s Port of Salalah was hit by Iranian drones on Wednesday, marking another escalation in attacks on energy assets across the Gulf as the regional conflict increasingly threatens global oil supply routes. Maritime security firm Ambrey and Omani state media confirmed that the strike damaged storage tanks within the port’s oil […]
TENSIONS in global energy markets are intensifying after Iran reportedly began laying naval mines in the strategically critical Strait of Hormuz, a move that analysts say could deepen disruptions to global oil supplies and effectively tighten the blockade around the world’s most important energy shipping lane. According to two people familiar with U.S. intelligence assessments, […]