…in and beyond the Strait of Hormuz as part of a strategic effort to maintain high global oil prices and influence the upcoming United States midterm elections, according to senior Iranian officials. Tehran has sought to exert control over the vital trade corridor since US and Israeli strikes against Iranian infrastruct…

…it is being considered as a temporary measure to reduce price volatility amid elevated global oil prices.If implemented, the arrangement could help limit increases in petrol costs while allowing refiners and importers to recover additional expenses under the agreed terms.0. FG announces petrol price cap proposal as NNP…

…and gaining roughly 5%.Petrol prices rise across Warri, Port Harcourt and Calabar as global oil prices surge. Photo: NurphotoImagesAnalysts linked the gains to renewed concerns over tanker movements through the Strait of Hormuz, with maritime security data indicating about a dozen tanker attacks recorded between Septem…

…Union Unity, Owei Lakemfa, urged the government to shield Nigerians from sharp swings in global oil prices, DailyTrust reports.The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said filling stations had updated their pump prices in response to succe…

…consuming countries, as well as attacks in the Middle East, are factors that can affect global oil prices and should not come as a surprise to policymakers. “We have known that the conflict between the U.S. and Iran will affect the shipping of oil products. We know that. “In basic economics, when you are close to the s…

…separate attack on a US military base.Nigerian motorists brace for higher fuel costs as global oil prices Photo: AFP>PAY ATTENTION: From breaking news to viral moments. Follow Legit.ng on Instagram! Iran subsequently reported retaliatory strikes on US positions, while tankers operating near Oman were also hit by uniden…

…reason for the latest increase in petrol prices. Maigandi explained that fluctuations in global oil prices could cause petrol prices in Nigeria to rise or fall. “The fuel will sometimes go up and down due to the conflict in Iran and the United States,” he told DAILY POST. On his part, Gillis-Harry said the reality was…

…of a new “tanker-for-tanker” policy in the Strait of Hormuz, putting further pressure on global oil prices. On Wednesday, diesel prices in the United States surged by almost 7 per cent to $4.71 per gallon. Consequently, United States President Donald Trump held a White House meeting with energy sector stakeholders on T…

…East, particularly around the Strait of Hormuz, leading to volatility in oil prices. Global oil prices drop as Venezuela plans to exit OPEC

…stable, although both could face pressure from supply shocks, pre-election spending, global oil prices and capital-flow movements. The Central Bank of Nigeria is expected to retain a tight monetary policy stance, with room for gradual rate cuts if disinflation is sustained. PwC said the immediate policy priority should…

…Hormuz, and there will be a deal on nuclear,” he said. Following Trump’s announcement, global oil prices fell on Monday morning in Asia trading. Brent crude oil was down by 4.5% at $83.98 (£62.26), while US-traded oil was 4.6% lower at $80.74 (£59.85). Energy prices have fluctuated since the conflict started on 28 Febr…

…several African economies continue to battle exchange rate volatility driven by elevated global oil prices, persistent demand for the US dollar and external financial pressures, according to a report by Business Insider Africa.Strong currencies offer economic stabilityA stable currency provides governments and business…

…that the war would resolve itself quickly. The protracted conflict has led to soaring global oil prices and rising gas prices in the U.S. There was a brief reprieve from fighting in June when the U.S. and Iran signed a memorandum of understanding outlining the process for talks to end the war. However, in early July, T…

Global oil prices fell sharply on Tuesday as renewed peace talks between the United States and Iran eased fears of prolonged supply disruptions in the Middle East, with Brent dropping below $84 per barrel after trading above $100 last week. Data from Oilprice.com showed that Brent, the global oil benchmark, declined fr…

…as a risk-free 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 ta…

…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 worldwide.As of Friday afternoon, Brent crude was trading at $97.76 per barrel, while W…

…in 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 ma…

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…

…Naval 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 ex…

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…

…that established framework, meaning domestic airlines are unable to benefit from lower global oil prices. The development helps explain why Nigerian carriers have been unable to significantly reduce airfares even as crude oil prices softened in the international market. Aviation fuel remains the single largest operatin…

Global oil prices could come under fresh pressure after Iran announced the closure of the Strait of Hormuz, a major shipping route for crude oil exports, raising concerns about possible increases in fuel costs across several countries. Iran on Saturday declared the closure of the strategic waterway, accusing Israel of…