Nigerian crude oil blends, including Brass River, Bonny Light, and Qua Iboe, are approaching $80 per barrel, currently trading slightly above $77, which is over $2 higher than the active Brent contract.
The recent conflict involving Iran-backed militias and Israel has shifted market dynamics, prompting concerns that could disrupt crude oil flows from the Middle East.
This geopolitical tension has contributed to rising oil prices, overshadowing current oversupply conditions in the market, according to Nairametrics.
Brent crude futures for February rallied by over 130 basis points to trade at $74.84 per barrel in the early part of the London trading session.
Brent crude for January added 1.41% to stay above $71 a barrel. Both benchmarks had gained over a dollar earlier in the session.
Early this morning, Beirut Central was struck by Israeli airstrikes, resulting in at least six fatalities. This attack follows Israel’s deadliest day in over a year, marked by intense clashes with Hezbollah fighters in Lebanon.
The escalation comes on the heels of Iran launching 180 ballistic missiles toward Israel, intensifying hostilities that have increasingly spread from Israel and the occupied Palestinian territories to Lebanon and Syria.
On Tuesday, Iran launched at least 180 missiles into Israel, marking a significant escalation in the ongoing conflict between Israel and Iran, along with its Arab allies. This series of attacks raises concerns about a potential regional war, further destabilizing an already tense Middle East situation.
However, early this morning, Beirut Central was struck by Israeli airstrikes, resulting in at least six fatalities. This attack follows Israel’s deadliest day in over a year, marked by intense clashes with Hezbollah fighters in Lebanon.
Oil traders are increasingly anxious that if Iran retaliates by targeting the oil installations of its Gulf neighbours, the cartel could face significant challenges.
Such actions could disrupt supply chains and elevate prices, exacerbating existing market volatility amid ongoing geopolitical tensions.
