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IEA unleashes record 400 Mbbls oil release as Gulf war jolts markets
Frank Okon The International Energy Agency has approved a record release of emergency oil reserves as the war in the Middle East threatens global energy supplies and drives crude prices sharply higher. The agency said March 11 that its 32…
Oil and gas prices climb as Iran attacks Qatar LNG, oil tankers
Oil and gas prices surged Monday after Iranian drone strikes hit a major liquefied natural gas facility in Qatar and tankers halted transit through the Strait of Hormuz, escalating fears of a broader disruption to global energy supplies. QatarEnergy said…
Oil jumps as markets price in rising risk of US strike on Iran
Sopuruchi Onwuka Oil prices surged to around $71.50 per barrel on Thursday, the highest level since late September, as markets rapidly priced in the growing risk of direct US military action against Iran. Analysts say the speed of the rally…
Iranian uprising adds to building pressure on oil prices
Rising tensions across several key oil-producing countries risk overturning the market’s current complacency and triggering a sharp rebound in oil prices, particularly as sanctions continue to constrain Russian exports. Crude prices fell sharply in 2025 as oversupply fears dominated sentiment,…
$60 oil pose early test for Nigeria’s 2026 Budget
Sopuruchi Onwuka Global petroleum prices over the weekend offered little comfort that the oil price benchmark underpinning Nigeria’s 2026 budget will hold, raising fears of a repeat of the 2025 shortfall triggered by an unusually bearish market. Although fiscal planners…
Oil falls below $60 as Ukraine ceasefire optimism eases supply fears
Sopuruchi Onwuka, with agency reports Oil prices fell below $60 per barrel on Tuesday, their lowest level since February 2021, as easing geopolitical tensions prompted investors to reassess supply risks. European gas prices followed the same trend, dropping below €27…
Oil prices hang on conflict negotiations on Iran, Ukraine
Ease of sanctions on Iran is out of sight following sharp disagreement between the country and the United States. And the expected outcomes of the highly anticipated phone call between Presidents Vladimir Putin of Russia and Donald Trump of United…
JP Morgan predicts $100 oil in months
International advisory consultants, JP Morgan, had warned that the prices of crude oil will rebound toward $100 per barrel as strong demand threatens to overwhelm flow of supply to the export market. The company stated in report by Insider that…
