The surge in global oil prices is creating a new fuel-price problem for Nigeria as Brent crude oil moves above $100 per barrel, putting fresh pressure on petrol and diesel prices. Analysts and petroleum marketers have warned that petrol could move towards ₦1,500 per litre, while diesel could cross ₦2,000 in some markets if international…
Brent crude has climbed above $95 per barrel as renewed US-Iran tensions raise fears of disruptions to oil supplies through the Strait of Hormuz, one of the world’s most important oil shipping routes. Brent reached about $95.40 in early trading on Wednesday, while WTI moved above $90. For Nigeria, the immediate concern is not simply…
Global oil markets are once again being pushed higher by the standoff between the United States and Iran over the Strait of Hormuz, with Brent crude climbing sharply as hopes of a quick reopening of the strategic waterway fade. The U.S. Energy Information Administration has raised its 2026 Brent price forecast to about $87 per…
Nigeria is once again facing the uncomfortable side of its dependence on crude oil. Global oil prices fell sharply after the United States signalled a move back towards diplomacy with Iran, with Brent crude dropping about 7% to settle at $83.77 a barrel on Monday. Nigerian crude was dragged lower after recently trading above $85,…
Global energy markets remain on edge as escalating conflict in the Middle East and renewed disruptions to key shipping routes continue to drive oil prices higher, with Brent crude hovering around the $100-per-barrel mark after briefly surpassing the milestone this week. The latest surge has been fueled by growing concerns over the security of vital…
Global oil prices have climbed above $85 per barrel as escalating military tensions between the United States and Iran fuel fears of prolonged disruption to energy supplies and international shipping. The latest exchange of strikes has heightened concerns over the security of the Strait of Hormuz, a critical route through which roughly a fifth of…
Global oil prices extended their rally on Wednesday as escalating tensions in the Middle East raised fresh concerns over crude supply, pushing Brent crude above $76 per barrel for the first time in two weeks. The latest surge follows renewed military hostilities involving the United States and Iran, along with disruptions to commercial shipping in…
