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Tag: crude oil price

Oil and Gas

Oil soars above $100pb as Iran blocks Hormuz strait

Oil prices surged past $100 per barrel while global stock markets deepened their declines after Iran’s new supreme leader ordered the closure of the Strait of Hormuz. Concerns over a prolonged conflict persisted as United States President Donald Trump stated that stopping the Islamic republic’s “evil empire” was more important than crude prices. Global markets […]

featured Oil and Gas

Iran threatens Hormuz blockade, oil to hit $200/barrel amid war

Iran has threatened to block all oil shipments through the Strait of Hormuz. It warned global markets to prepare for crude prices reaching $200 per barrel as the Middle East conflict intensifies with no end in sight. Ebrahim Zolfaqari, spokesperson for Tehran’s Khatam al-Anbiya military command headquarters, issued the warning on Wednesday. He declared that […]

Oil and Gas

Oil price hike is small price to pay for peace – Trump

United States President Donald Trump dismissed the recent crude oil price spike, describing it as a “small price to pay” to eliminate Iran’s nuclear threat. Oil prices surged above $100 a barrel for the first time in nearly four years on Sunday, driven by fears that the escalating war in the Middle East could lead […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
featured Finance

Stock market rises 2.14% amid crude oil price surge

The stock market closed higher Week-on-Week recording gains in four of the five trading sessions, amid rise in crude oil prices. Breakdown of the market shows that investors continued to accumulate fundamentally strong stocks across major sectors. The bargain hunting by market participants took advantage of recent price corrections to rebuild positions in blue-chip and […]

Oil and Gas

Oil falls 1% ahead of US-Iran nuclear talks

Oil prices slid about one per cent on Monday as the United States and Iran geared up for a third round of nuclear talks, easing fears of a conflict escalation, while President Donald Trump’s latest tariff increases raised concerns over global growth and fuel demand. Brent crude futures fell 76 cents, or 1.06 per cent, […]

Business

Oil prices drop as Trump signals easing tensions with Iran

Oil prices fell on Monday as investors eased concerns over a potential supply disruption, following United States President Donald Trump’s remarks on Iran that suggested tensions with Washington might be softening. Trump has frequently warned Iran of possible action if it does not secure a nuclear deal or continues suppressing domestic protests, which Tehran attributes […]

MTN, Banking stocks fuel NGX's bullish run
featured Oil and Gas

Fuel price hike looms as crude oil crosses $66/barrel

Pump prices of Premium Motor Spirit, also known as petrol, alongside other refined petroleum products such as Automotive Gas Oil and Household Kerosene, may rise soon following an increase in global crude oil prices. Crude oil, which serves as the primary feedstock for refined petroleum products, crossed the $66 per barrel mark on Wednesday, raising […]

Crude oil
featured Oil and Gas

Nigeria’s oil output drops to 1.486mbpd, below OPEC quota

The Organisation of Petroleum Exporting Countries has reported that Nigeria’s oil production, excluding condensate, experienced a 0.7 per cent drop, falling to 1.486 million barrels per day in November 2025 from the 1.496 million bpd produced in October 2025. OPEC does not count condensate in its figures, a resource of which Nigeria produces approximately 196,028 […]

Oil and Gas

FEC sets 2026 oil benchmark at $64, ₦1,512/$ exchange rate

The Federal Executive Council has given its approval to the 2026–2028 Medium-Term Expenditure Framework. This comprehensive document outlines Nigeria’s key economic assumptions, projected revenue outlook, and planned spending priorities for the upcoming three-year period. The Minister of Budget and National Planning, Atiku Bagudu, provided details to journalists following the council meeting on Wednesday, which was […]

OPEC+ lacks capacity to raise oil prices, says expert
featured Oil and Gas

OPEC+ supply increase plans crash oil prices globally

The global oil market is currently experiencing shock from an anticipated supply hike by the Organisation of Petroleum Exporting Countries, leading to oil prices edging lower on Thursday for the fourth consecutive day. Brent crude hit its lowest price since early June due to mounting concerns about oversupply in the market. Three sources familiar with […]

featured Oil and Gas

Nigeria’s crude oil output drops to six-month low

Global oil prices have rebounded sharply, with Brent crude climbing back above $70 per barrel due to geopolitical tensions and supply uncertainties in energy markets. For Nigeria, Africa’s top oil producer, this rally presents both opportunities and risks as the country seeks to stabilize its finances and attract investment into its energy sector. Russia’s decision […]

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