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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…
Renewed Iranian attacks on energy infrastructure have pushed Brent crude back above $101, neutralising a record release of strategic reserves by the International Energy Agency (IEA). Despite the IEA dumping 400 million barrels into the market, the effective closure of the Strait of Hormuz has kept traders on edge. Roughly one-fifth of the world’s crude…
Tehran’s military command has issued one of its starkest warnings since the outbreak of the US-Israeli war on Iran, declaring that it will block all oil shipments through the Strait of Hormuz destined for the United States, Israel and their allies, and warning that crude prices could climb to $200 per barrel. The declaration,…
Global crude oil markets recorded their first significant decline since the escalation of Middle East hostilities, with benchmark Brent crude falling 8.45 percent to 90 per barrel and United States West Texas Intermediate (WTI) dropping 8.58 percent to 86.77 per barrel on Tuesday. The correction follows Monday’s dramatic surge that pushed prices past 100…
On Wednesday, March 4, 2026, the Nigerian National Petroleum Company Limited (NNPC) adjusted its pump price to ₦937 per litre, while major independent marketers like Petrocam and Javy followed suit, pricing the product at ₦935 and ₦930, respectively. The price hike is being driven by the escalating war between the United States, Israel, and Iran,…
LAGOS — Global oil prices surged toward the $70 threshold this week following a breakdown in diplomatic negotiations between Washington and Tehran. Brent crude climbed to $69.25 per barrel, marking a sharp ascent from the $67 recorded just last week. This rally intensified after nuclear talks in Oman collapsed without a resolution between the two…
Global energy markets witnessed a dramatic convulsion yesterday as crude oil prices surged to new heights. Nigeria’s premium grade, Bonny Light, soared to $78 per barrel following intensified rhetoric from Washington. This price level represents the highest peak for the national crude grade since last August. Concurrently, the international benchmark, Brent crude, rallied by nearly…
