Global oil prices have surged again, rising to $78 per barrel following the renewed tensions between the United States and Iran, leading to a declaration of the closure of the Strait of Hormuz by Tehran. The closure of the Strait of Hormuz, the world's most critical maritime chokepoint, has raised fears over disruptions to shipping …
The collapse of the US-Iran ceasefire on Wednesday, July 8, has raised fresh tensions in the Middle East and swiftly caused a return of volatility in global energy markets. This has seen Brent crude surging from about $71 earlier in the week to almost $80 per barrel. According to market data published by Oilprice.com, …
The failure of the United States and Iran to secure a deal during their peace talks over the weekend in Islamabad, Pakistan, has reignited tensions in the Middle East and sent shockwaves through the global energy market, raising fears of a further fuel price surge in developing nations like Nigeria. The high-level talks in Islamabad, …
The ongoing escalation of the crisis in the Middle East, specifically the conflict involving the U.S., Israel, and Iran, has pushed Brent crude prices above $100 per barrel. While this exceeds Nigeria’s budget benchmark of $64.85 per barrel, several structural and economic factors suggest the country may not fully reap the rewards of this surge. …
Oil prices have further surged as the ongoing conflict in the Middle East continues to disrupt supply chains, particularly through the Strait of Hormuz. After a brief dip on Monday, March 16, prices rebounded sharply on Tuesday, March 17, as attacks ravaged parts of the Gulf region, raising more fears of supply disruption. According to …
Qatar’s Energy Minister, Saad Al-Kaabi, has issued a stark warning that oil prices could hit $150 per barrel if the ongoing conflict in the Middle East continues to disrupt vital energy supplies. This warning comes after conflicts sparked by a joint military attack on Iran led by the U.S. and Israel escalated, spreading through the …
The refinery says Nigerian crude oil more expensive than Brent crude Dangote Petroleum Refinery has explained why it increased its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦100 recently. The refinery had earlier in the week, the refinery had raised its ex-depot price of petrol from ₦774 to ₦874 …
The global oil market was rattled on Monday, March 2, as crude prices surged toward $80 per barrel, driven by escalating tensions across the Middle East and fears of broader supply disruptions. According to data published by OilPrice.com, Brent Crude rose sharply on Monday, reaching $79.85 per barrel. The U.S. counterpart, West Texas Intermediate (WTI), …
Nigeria’s oil production (including crude oil and condensate) dropped to 1.544 million barrels per day (bpd) in December from 1.599 million bpd in November. This reflects a 3.44 per cent decline on a month-on-month basis. This was revealed in the latest Crude Oil and Condensate data 2025 released by the Nigerian Upstream Petroleum Regulatory Commission …
There are concerns that the crisis in Venezuela presents a significant risk for Nigeria’s 2026 budget and the broader economy. While Venezuela and Nigeria are geographically distant, they are direct competitors in the global oil market. After months of tactical preparations, the United States invaded Venezuela during the weekend. The U.S. military force launched strikes …
