…calculated choice: "Nothing gained, nothing lost." He also observed that global oil prices declined while stock markets saw gains immediately following the suspension of attacks.For the first time in two weeks, military commanders were instructed to hold fire and refrain from executing planned strikes targeting Iranian…
…latest increase reflects the refinery's rising replacement costs as international crude oil prices continue to surge.Rising crude oil prices drive higher costsGlobal oil prices have remained under pressure amid renewed geopolitical tensions in the Middle East, increasing the cost of crude procurement for refiners world…
…Oil Price Hits $100/barrel with fuel prices in Nigeria expected to increase dramatically Oil prices on Thursday, July 23, hit $100 a barrel following reported attacks on vessels in the Red Sea.Brent crude, the global oil benchmark, rose by 6.9 percent to $100.6 a barrel, while US West Texas Intermediate (WTI) edged up…
…the Red Sea after loading crude from Saudi Arabia's Yanbu port.The threat pushed global oil prices higher, with Brent crude rising 4.4 percent to more than $95 per barrel, its highest level in six weeks. Analysts warn that any disruption to Saudi export routes could have significant consequences for global energy marke…
…constraints continue to hamper its operations. This comes as rising global crude oil prices are expected to increase feedstock costs for the 650,000-barrels-per-day refinery, although stronger prices for refined petroleum products are providing some support for refining margins. Checks by Vanguard showed that crude oil…
Global oil prices climbed above $90 per barrel on Tuesday after fresh attacks on oil tankers in the Strait of Hormuz heightened fears of a prolonged disruption to crude supplies from the Middle East. Brent crude rose above the $90-per-barrel mark as reports emerged that a Kuwait-owned oil products tanker was struck by…
…Blockade on Saudi Arabia, opening new front in US-Iran War that could escalate global oil prices Yemen's Iran-aligned militant group, the Houthis have announced on that they are imposing a naval blockade on Saudi Arabia. The move opens a new front against the United States in its ongoing conflict with Iran and expands…
…increasing rates by approximately ₦45 per litre.The development comes as global crude oil prices climb sharply, pushing up the cost of refined petroleum products and intensifying pressure on Nigeria’s downstream sector.Marketers hike fuel prices nationwide as crude oil surges; Dangote suspends loading. prices surge nat…
…general price level. Energy prices feed strongly into inflationary pressures, and crude oil prices have risen above $84. The inflation outlook is looking very disturbing,” Yusuf said. He added, “It is unlikely there will be a rate cut. It is also not likely that there will be a further increase because the last inflati…
…States and Iran, along with disruptions to the Strait of Hormuz, affected global crude oil prices, Africa’s fuel supply chain and Nigeria’s petroleum industry Five months after the US-Iran war began, how would you evaluate its impact on global crude oil prices and the broader petroleum industry? The last five months ha…
…in Lagos, Warri and Port Harcourt, even as operators continue to monitor global crude oil prices, freight charges and developments affecting regional shipping routes.
By Obas Esiedesa, Abuja Global oil prices eased by 0.82 per cent to $84.24 per barrel on Wednesday as investors took profits after the previous day’s sharp rally, although renewed military confrontation and escalating rhetoric between the United States and Iran continued to underpin fears of disruptions to global crude…
A fall in global crude oil prices would ordinarily be expected to ease the cost of aviation fuel and, by extension, reduce airline ticket prices. However, that has not happened in Nigeria, and according to an energy strategist and entrepreneur, Dr. Thomas Ogungbangbe, the reason lies in how the country’s Jet A1 market…
Oil prices jumped again on Tuesday after fresh US strikes against Iran that marked a new escalation in hostilities that has fuelled fears over their already fragile truce and the chances of another spike in inflation. However, tech firms enjoyed a much-needed reprieve after the latest bout of selling, although they onl…
Oil prices climbed above $80 per barrel on Monday after renewed military confrontation between the United States and Iran heightened concerns over shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes. The latest escalation came as United States President Donald Trump announced plan…
…of Hormuz”. The reimposed blockade would begin at 2000 GMT on Tuesday, CENTCOM said, as oil prices shot up more than nine percent after both sides traded attacks, raising fears of renewed conflict. In a post on Truth Social, Trump declared the United States would be “known as ‘THE GUARDIAN OF THE HORMUZ STRAIT'” and le…
…per barrel. Analysts said the market continues to attach a geopolitical premium to oil prices because of lingering uncertainty over the security of shipping routes through the Strait of Hormuz, through which roughly one-fifth of global oil supplies move. “Prices have backed off the mid-week highs, but there is still a…
…mixed trends in Nigeria's downstream petroleum market. Meanwhile, the global crude oil prices suddenly surged sharply on Wednesday, with international benchmark Brent crude climbing close to the $80 per barrel mark, signalling renewed strength in the oil market amid heightened geopolitical tensions and expectations of…
…He added later, however, that “anything that happens is going to be over very quickly.” Oil prices jumped eight percent after Trump’s earlier comments that the ceasefire was “over.” ‘Maximum restraint’ – UN chief Antonio Guterres called meanwhile “on all parties to exercise maximum restraint” — as did Pakistan, a key m…
…on the outcome. "They can talk, but I think they're wasting their time," he said. World oil prices soared more than five per cent after Trump's comments. International benchmark Brent North Sea crude jumped 5.3 per cent to US$78.09 a barrel, while the main US contract, West Texas Intermediate, advanced 5.4 per cent to…
World oil prices soared more than five percent Wednesday after US President Donald Trump said the ceasefire with Iran was over, following fresh strikes in the Middle East. International benchmark Brent North Sea crude jumped 5.3 percent to $78.09 a barrel, while the main US contract, West Texas Intermediate, advanced 5…
…negotiators keep talking if they want, but I don’t see it. I don’t like these people.” Oil prices jumped five percent after Trump’s remarks. Both sides reported hitting dozens of targets, placing fresh strain on an interim deal to end their war and pushing oil prices to their highest level in two weeks. Iranian state m…
…to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week. He said: "Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and ot…
…to move, some using a route not authorised by Tehran. Despite the latest flare-up, oil prices have fallen sharply on hopes that traffic through Hormuz — a strategic waterway which normally sees around a fifth of the world’s oil and gas exports — would keep recovering. – Lebanon framework – Israel and Lebanon hailed an…
…per metric tonne to N1,428,165 per metric tonne. The development comes as crude oil prices dropped significantly to $69 and $73 per barrel, the same rates as pre-Middle East crisis times. Recall that on June 16, the Dangote Refinery had reduced its gantry petrol price by N75 per litre, triggering a nationwide retail fu…