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Tokyo has moved ahead of its international partners. Japan will begin releasing strategic petroleum reserves as early as Monday, Prime Minister Sanae Takaichi announced on Wednesday, in a unilateral step that signals the depth of concern in the world’s fourth-largest economy over a rapidly deteriorating energy supply outlook tied to the widening conflict in…
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…
The Ruwais refinery in Abu Dhabi, described by state oil company Adnoc as the world’s fourth-largest single-site refinery, has halted operations as a precautionary measure following a drone attack on the nearby industrial complex, a source confirmed on Tuesday. The shutdown comes as Saudi Aramco’s chief executive warned that the escalating Middle East conflict could…
The escalating conflict between Israel, the United States, and Iran has triggered a sharp spike in fertiliser costs, threatening the global agricultural cycle as planting seasons approach. Roughly 33 per cent of the world’s fertilisers transit through the Strait of Hormuz, where maritime traffic has effectively frozen since the outbreak of hostilities on February 28….
Global equities surged, and oil prices retreated sharply on Tuesday after U.S. President Donald Trump suggested the war against Iran is nearing an early conclusion. Speaking to CBS News, Mr. Trump claimed the military campaign is “very far” ahead of his initial month-long timeline, asserting that Iranian forces have been effectively neutralised. The remarks provided…
The assassination of Iran’s Supreme Leader has plunged global markets into a “prolonged period of flux,” the head of the IMF warned on Thursday. Kristalina Georgieva told the “Asia in 2050” conference in Bangkok that the escalating conflict between Iran, Israel, and the United States is a severe test of global economic resilience. Brent crude…
The Middle East has plunged into a generational conflict as US and Israeli forces sustain a “broad wave of strikes” designed to dismantle the Iranian state. President Donald Trump, meeting with German Chancellor Friedrich Merz on Wednesday, claimed that two waves of attacks have already killed several figures considered potential successors to Ayatollah Ali Khamenei….
Nigerian households are facing a sharp increase in energy costs as the escalating US-Israel-Iran war disrupts global natural gas production and shipping. Local depot owners raised the price of Liquefied Petroleum Gas (LPG) by an average of ₦100 per kilogram on Tuesday. Major distributors, including Nipco Plc and Navgas Limited, have adjusted their rates to…
The Islamic Republic of Iran is reeling from a massive security failure that has claimed its most senior leaders. On Saturday, February 28, a coordinated wave of US and Israeli airstrikes targeted Tehran, killing Supreme Leader Ayatollah Ali Khamenei and former President Mahmoud Ahmadinejad. Reports indicate that Ahmadinejad, who was under house arrest, died when…
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…
