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Global oil prices have eased after a sudden intraday spike triggered by a fresh attack in the Strait of Hormuz. International benchmark Brent crude fell 1.80 per cent on Friday to trade at $74.11 per barrel for August delivery. The reversal followed a brief 4 per cent rally on Thursday after a merchant vessel came…
Global energy markets face immediate downward pressure after a breakthrough agreement in the Middle East. Brent crude plunged below the critical threshold of 80 dollars a barrel on Tuesday. Investors rapidly unloaded contracts following news of a diplomatic breakthrough between the United States and Iran. This sudden sell-off reflects a sharp drop in the geopolitical…
The World Bank could scale up financial support to as much as $100bn over the next 15 months to help developing countries withstand the economic fallout from the escalating crisis in the Middle East, the lender has announced, warning that the conflict risks pushing global growth to its weakest level since the COVID-19 pandemic….
Global crude prices tumbled as traders weighed erratic diplomatic signals regarding a potential peace deal to end the US-Israel war on Iran. Brent crude fell 5 percent on Sunday to stand at $98.47 a barrel for July futures. This represents a 9 percent drop over the past month. Despite the decline, global prices remain more…
Oil prices fell on Wednesday as Donald Trump signaled a possible deal with Iran. Brent crude dropped 1.7% to $108 a barrel, while American crude fell to $100.60. This shift reversed a week of gains caused by fighting in the Middle East. Markets moved after the White House paused “Project Freedom,” a military plan to…
Seven heavyweights of the OPEC+ alliance will add 188,000 barrels per day to the global market in June. Saudi Arabia and Russia led the group in a virtual meeting on May 3 to tweak supply levels. This small increase forms part of a wider effort to unwind voluntary cuts first made in 2023. The move…
Investors on the Nigerian Exchange added N26.5 trillion to their portfolios in April as the market hit a record valuation of N155.7 trillion. This surge marks a 20 per cent jump in the All-Share Index within a single month. Money is flowing back into the bourse because buyers trust the earnings power of Nigeria’s largest…
Oil markets remain unimpressed by Donald Trump’s latest attempt to play maritime saviour. The United States President announced “Project Freedom” on Sunday, promising to guide stranded vessels out of the Strait of Hormuz. Brent crude reacted with a yawn, hovering flat at $108.11 on Monday morning. Traders see the plan as a hollow gesture that…
Global energy markets were upended on Monday as Brent crude prices jumped 8% to top $103 a barrel. The spike follows President Donald Trump’s announcement of a naval blockade targeting Iranian ports. Prices surged past the psychologically critical $100 mark shortly after ceasefire talks in Islamabad collapsed over the weekend. US Central Command confirmed the…
Oil prices surged, and global equities retreated on Monday as the Middle East crisis entered a volatile new phase. Yemen’s Houthi rebels have formally entered the conflict, launching a barrage of cruise missiles and drones at strategic sites in Israel. This escalation, now in its fifth week, has stoked fears of a multi-front war involving…
