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Tag: oil prices

Oil and Gas

Global oil prices rise as Iran shuts Strait of Hormuz

Crude oil and natural gas futures climbed sharply for a second straight day on Tuesday after Iran declared the Strait of Hormuz closed and warned it would attack any vessel attempting to transit the vital waterway. The move has heightened fears of supply disruptions from a chokepoint that handles about one‑fifth of the world’s oil […]

Business

Oil prices bear six‑month high amid US-Iran tension

Oil prices stayed near six-month highs on Friday after United States President Donald Trump warned Iran of “really bad things” if no nuclear deal is reached. Brent crude for April delivery dipped 0.2 per cent to $71.53 per barrel by 9:24 a.m. London time (4:24 a.m. ET), while U.S. West Texas Intermediate March futures fell […]

Business

Oil prices fall amid OPEC+ production increase, Iraq exports

Nigerian crude dipped early this week after OPEC+ indicated a modest production increase for November and northern Iraq resumed exports, raising concerns of a potential oversupply despite elevated prices. Bonny Light hovered around $69 per barrel as oil prices fell sharply at the start of the week. Reports suggest that the eight OPEC+ members who […]

Oil and Gas

Oil prices rise as drone attacks hit Russian refineries

Oil prices climbed further on Monday as markets weighed the impact of Ukrainian drone strikes on Russian refineries, which threaten to disrupt crude and fuel exports, while also tracking signs of rising United States fuel demand. Brent crude futures were up 36 cents, or 0.5 per cent, at $67.35 a barrel, while U.S. West Texas […]

Business

Oil prices fall despite Middle East, Ukraine conflict concerns

Oil prices extended losses on Friday, weighed down by fears of weakening United States demand and global oversupply, which overshadowed concerns about potential supply disruptions from conflicts in the Middle East and Ukraine. Brent crude futures slipped 49 cents, or 0.74 per cent, to $65.88 a barrel early this morning, while U.S. West Texas Intermediate […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Oil prices rise as OPEC+ output falls short of expectations

Oil prices rose on Tuesday after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed to a modest production increase, a move that fell short of market expectations and reinforced concerns about tighter global supply amid the threat of fresh sanctions on Russia. Brent crude was up 22 cents, or […]

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Oil prices drop as Trump announces Iran-Israel ceasefire

Oil prices fell sharply on Tuesday, hitting their lowest in over a week, after United States President, Donald Trump, announced a ceasefire agreement between Iran and Israel, easing concerns over potential supply disruptions in the region. Brent crude futures dropped by $2.69, or 3.7 per cent, to $68.79 a barrel as of early Tuesday, having […]

Oil and Gas

Oil prices surge over 3% after US-China tariff rollback deal

Oil prices soared more than 3% in Asian trading on Monday, hitting fresh intraday highs after the United States and China announced a 90-day tariff rollback to ease trade tensions. The agreement, outlined in a joint statement from Geneva, has revived hopes of a broader trade breakthrough, fueling optimism for increased energy demand and industrial […]

Oil and Gas

Brent crude drops $10 barrel, worst since August 2022

Brent oil futures have fallen by around $10 per barrel since Thursday, pressured by the introduction of new tariffs and an unexpected increase in supply from OPEC+. The tariffs have raised concerns about weaker global demand, while the surprise output boost has added to fears of oversupply, putting downward pressure on prices. Oil prices plunged […]

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