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Oil and Gas

Middle East war drives oil prices to new highs

Oil prices kept rising as markets opened Sunday, with both benchmarks higher as the war in the Middle East disrupts global supplies. At around 0015 GMT, the United States benchmark West Texas Intermediate was up 0.01 per cent at $98.72 a barrel, while the price of Brent, the international benchmark for oil, was up 0.6 […]

Opinion

Middle East war could fetch Nigeria ₦30trn oil windfall — NESG

The Nigerian Economic Summit Group has projected that Nigeria could earn as much as N30 trillion in additional oil revenue if global crude prices remain elevated due to escalating geopolitical tensions in the Middle East. In a policy brief titled “Boom, Not Gloom,” the private sector policy advocacy group noted that the recent conflict involving […]

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 […]

Agribusiness

Dangote fertiliser demand surges amid Iran war disruption

Demand for Dangote fertiliser has surged in recent times due to disruptions in global supplies caused by the ongoing United States–Israel conflict with Iran, according to a Bloomberg report. The report quoted Devakumar Edwin, vice president of Dangote Industries Limited. “Demand has gone up substantially due to the shortage in the global market,” Edwin told […]

Oil and Gas

UAE’s giant refinery shut over Middle East war

One of the world’s largest refineries, the Ruwais facility in the UAE, has been shut down as a precautionary measure following a nearby drone attack that sparked a fire in the industrial complex. A source familiar with the situation stated: “The Ruwais refinery has halted operations out of precaution,” while requesting anonymity due to the […]

Opinion

Fitch warns Iran conflict threatens emerging market economies

Global credit rating agency, Fitch, warned on Tuesday that merging market economies could face heightened economic and financial pressures as a result of the ongoing conflict involving Iran. Fitch issued the warning in its report titled “Iran conflict raises new credit risks for emerging market sovereigns”. The report highlighted that sustained disruptions to energy supplies […]

Oil and Gas

Trump waives oil sanctions to slash global prices amid Iran war

United States President Donald Trump announced on Monday that his administration would temporarily waive certain oil-related sanctions to boost global oil supply and bring down prices amid disruptions from the ongoing Middle East conflict. The United States and Israel have conducted strikes on Iran, while Tehran has launched retaliatory attacks across the Gulf region. These […]

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 […]

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