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Global crude prices surged to $74 per barrel following an official declaration by US President Donald Trump that the temporary ceasefire with Iran has ended. The sudden market reaction snapped a multi-week downward trend that had previously dragged benchmarks toward the $70 floor. Energy traders immediately adjusted their risk premiums in response to the renewed…
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…
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…
