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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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OIL prices continued their upward momentum for a fifth straight session, with Brent crude reaching $107.1 per barrel, while West Texas Intermediate traded at $97.45 at the time of reporting, Oilprice.com reported. According to Bloomberg, the sustained rally is linked to recent social media remarks by United States President Donald Trump, which signal that any […]
THE International Monetary Fund (IMF)has lowered Nigeria’s economic growth projection for 2026 to 4.1 percent, down from an earlier estimate of 4.4 percent, warning that stronger oil prices alone will not be enough to shield the economy from global headwinds. Although higher crude earnings may provide some fiscal breathing room, the Fund said they are […]
OIL tanker traffic in the Persian Gulf has begun to adjust sharply after U.S. President Donald Trump announced plans for a naval blockade, including a targeted threat against vessels linked to Iranian ports. Shipping data cited by Reuters from Kpler and LSEG shows early signs of disruption. Two Pakistan-flagged vessels have entered the Persian Gulf […]
FRESH tanker bookings by major oil buyers point to cautious optimism that crude flows from the Middle East could soon resume, despite lingering tensions around the Strait of Hormuz following the U.S.-Iran ceasefire announcement. Taiwan’s state refiner, CPC, is preparing to lift roughly 2 million barrels of crude from the region, with plans to ship […]
CHINESE authorities have instructed independent oil refiners to keep gasoline and diesel production running at high levels, even if it results in financial losses, warning that any reduction in processing rates could lead to cuts in their crude import quotas, according to sources familiar with the discussions. In a bid to secure domestic fuel availability […]
OIL markets have surged back into bullish territory, with Brent crude rising above $110 per barrel as geopolitical tensions intensify around the Strait of Hormuz. Iran’s rejection of U.S. proposals and continued delays in negotiations have reinforced expectations of prolonged supply disruptions, pushing traders to price in a difficult scenario, reported Oilprice.com. As of Tuesday […]
CRUDE oil prices extended their rally on Thursday as prospects for easing tensions in the Iran conflict dimmed, following Tehran’s firm denial of any ongoing negotiations with the United States, Al Jazeera reported. Brent crude, the global benchmark, surged 5.27 percent to trade at $107.5 per barrel after Iranian officials rejected reports suggesting direct engagement […]
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. […]
GLOBAL oil prices jumped sharply after fresh attacks on energy infrastructure linked to escalating tensions between Israel and Iran. Brent crude rose 6.24 percent on Thursday, reaching $114.08 per barrel, its highest level since May 2022. US benchmark West Texas Intermediate (WTI) also gained, increasing by 0.97 percent to $96.33 per barrel. The rally followed […]