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US expands sanctions on Iran’s oil shipping network

The United States on Tuesday expanded its sanctions targeting Iran’s oil sector, taking further aim at the network of petroleum shipping magnate Mohammad Hossein Shamkhani, the Treasury Department said. Treasury Secretary Scott Bessent said the department had also frozen $130 million held in digital wallets linked to Iran’s central bank, hitting a sector that has […]

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Oil slips below $71 as Iran-US talks ease supply concerns

Oil prices declined for a third straight session on Thursday as concerns over potential supply disruptions eased after Qatar announced that Iran and the United States had made progress in discussions regarding the Strait of Hormuz. Brent crude futures dropped 66 cents, or 0.92 per cent, to $70.91 per barrel as of 0758 GMT, while […]

Business

Nigeria earned ₦20.22tn from crude exports in five months

Nigeria exported an estimated 148.9 million barrels of crude oil valued at about N20.22tn in the first five months of 2026, showcasing the scale of the country’s oil trade despite persistent concerns over production levels. The crude barrels were exported by both international and indigenous oil companies, including the Nigerian National Petroleum Company Limited. While […]

Oil and Gas

Nigeria’s crude oil exports hit ₦11.2trn in Q1

Nigeria’s crude oil exports rose to N11.20 trillion in the first quarter of 2026, reinforcing the commodity’s position as the country’s largest foreign exchange earner and a key driver of the strong performance in external trade. This is according to latest data from the National Bureau of Statistics. The improved export earnings helped lift Nigeria’s […]

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Nigeria’s oil revenue misses budget targets in Q3

Nigeria’s oil revenue performance fell sharply below budget expectations in the third quarter of 2025, highlighting the country’s persistent fiscal vulnerability despite slight improvements in actual oil earnings. According to the latest fiscal performance report by the Budget Office of the Federation, gross oil revenue for the quarter amounted to N4.87 trillion, reflecting a shortfall […]

Business

Crude supply to local refineries hits 58.8m barrels

Oil producers in Nigeria supplied approximately 58.8 million barrels of crude oil to domestic refineries in the second quarter of 2026, surpassing the 55.1 million barrels earmarked under the Domestic Crude Supply Obligation framework. The move reflects a stronger commitment by upstream operators to meet local refining needs, as domestic capacity expands with the ramp-up […]

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Brent crude hits four-year high amid Middle East tension

Brent crude surged to a four-year high on Thursday after reports that the United States military was preparing to brief President Donald Trump on possible military options against Iran, heightening fears of renewed conflict and further tightening pressure on Iranian oil exports. The U.S. Central Command is expected to present Trump with potential plans for […]

Business

Oil prices hit $105 as US-Iran ceasefire talks collapse

Oil prices climbed from about $100 per barrel on Wednesday to above $105 on Thursday, following the collapse of talks between Iran and the United States on a ceasefire agreement that was expected to reopen the Strait of Hormuz. Earlier, prices had dropped sharply from around $115 to $88 on Friday after both countries reached […]

Oil and Gas

Brent crude hits $105 as Middle East tensions continue

Oil prices climbed further on Monday as the U.S.–Israeli conflict with Iran entered its third week, stoking concerns over global supply disruptions and keeping energy markets on edge. The escalation has intensified threats to oil infrastructure and maintained pressure on the strategically vital Strait of Hormuz, a key route for crude shipments worldwide. Brent and […]

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Brent hits $100 despite emergency reserve release

Oil prices jumped more than 8 per cent on Thursday, with Brent crude climbing to $100 per barrel, as traders remained skeptical that the release of government stockpiles would be enough to counter the major supply disruption caused by the war in the Middle East. U.S. benchmark West Texas Intermediate rose 8.8 per cent to […]

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