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Tag: Crude oil prices

Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
Economy

Nigeria’s inflation to rise 3.1% over oil shock – World Bank

The World Bank has warned that the ongoing surge in global oil prices could directly add around 3.1 percentage points to Nigeria’s headline inflation, as rising fuel costs ripple through the economy. The bank highlighted the widening gap between locally refined petrol and imported fuel as a key factor driving inflationary pressures in the downstream […]

featured Oil and Gas

US-Israel-Iran war pushes oil prices to $117/barrel

Israel and Iran exchanged fresh missile strikes on Monday, driving oil prices sharply higher and fueling fears that the United States could escalate the conflict with potential ground raids on Iran’s Gulf islands. Iran retaliated with new attacks on a water desalination plant in Kuwait after domestic electrical facilities were hit over the weekend, leaving […]

Business

Crude prices fall amid efforts to stabilise Hormuz transit route

Oil prices declined on Friday after major European countries and Japan signaled support for efforts to ensure safe passage of ships through the Strait of Hormuz, while the United States announced measures aimed at increasing global oil supply. To help contain rising prices, U.S. Treasury Secretary Scott Bessent said Washington may soon lift sanctions on […]

featured Oil and Gas

Oil prices slide as Trump makes move on Venezuelan crude

Global oil prices fell on Wednesday on expectations of increased supply after United States President Donald Trump announced that Venezuela would hand over as much as 50 million barrels of crude oil to the United States. According to oilprice.com, the United States and Venezuela reached an agreement under which authorities in the South American country […]

featured Oil and Gas

Oil prices rally as Trump orders Venezuelan tankers blockade

Crude oil prices climbed after United States President Donald Trump issued a directive for a blockade against sanctioned tankers from Venezuela. Meanwhile, equities saw general gains on Wednesday, though United States employment figures did not significantly increase the likelihood of another interest rate reduction in the coming month. Trading sentiment has remained quiet recently because […]

Crude oil
Oil and Gas

Reps suspend 2026-2028 MTEF over inconsistent oil prices

The House of Representatives has halted its review of the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper. This decision followed a disagreement among lawmakers regarding the proposed adjustments to crude oil price assumptions, which serve as the foundation for the federal government’s revenue and spending blueprints. The framework was presented during Wednesday’s plenary by […]

Oil and Gas

Crude oil prices drop by $2.91 on Thursday

Oil prices dropped sharply on Thursday, with U.S. West Texas Intermediate falling $2.91 (4.2%) to $59.44 per barrel, and Brent crude dropping $2.77 (4.2%) to $62.71 per barrel. The decline erased the previous session’s gains as investor sentiment shifted due to uncertainty over a partial pause in U.S. tariffs and escalating trade tensions between the […]

Oil and Gas

US crude oil drops below $60/barrel, lowest since 2021

United States oil prices dropped below $60 a barrel on Sunday due to concerns that President Trump’s global tariffs could push the U.S. and possibly the world into a recession. Futures for West Texas Intermediate crude fell over 3 per cent to $59.78, following back-to-back 6% declines last week. This marks the lowest price for […]

Oil and Gas

Crude prices drop to $65, lowest since 2021

Oil prices dropped sharply to $65 per barrel this week after the United States imposed new import tariffs and an unexpected supply increase from OPEC+ flooded the market, wiping $10 off global benchmarks. This followed a brief rally last week when U.S. President Donald Trump announced tariffs on countries purchasing crude oil from Venezuela, tightening […]

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