Business News
Crude oil hits $100 as middle-east tensions push prices higher
Crude oil prices have surged above $100 per barrel as the ongoing tensions involving Iran, the United States, and Israel continue to impact the Gulf region and global markets.
Very Nigerian reports that Brent crude reached $101.30 per barrel, while West Texas Intermediate (WTI) climbed to $96.30 per barrel on Friday morning. This follows a dip below $90 per barrel earlier in the week on Monday and Tuesday.
On a day-to-day basis, Brent and WTI crude prices rose by 0.64 percent and 0.09 percent respectively at the time of reporting, reflecting the market’s sensitivity to geopolitical developments in the Middle East.
Twelve days of war had led to the blockage of the Strait of Hormuz and the shutdown of major refinery facilities in the region.
The US-Israeli alliance and Iran have refused to back down as the crisis in the Middle East affects economies worldwide, including Nigeria.
Very Nigerian reports that premium motor spirit, a product of crude, had gone up at least three times since the war commenced on February 28th.
Dangote Refinery had raised its gantry petrol to N1,175 per liter, up from N799 before the Middle East conflict. However, the 650,000 barrels per day refinery cut the gantry price to N1,075 upon the cooling off of crude oil prices earlier this week.
Currently petrol and diesel prices go for as high as N1,330 and N1,690 per liter in parts of Abuja, with fear of further petroleum product hikes looming.
Follow Us on Google Discover
2027: NDC rejects 10 Anambra candidates, seeks INEC portal audit
World Bank moves to support electricity reforms in Nigeria
NIS repatriates 99 foreigners over irregular migration
Fear grips Sokoto community as bandits threaten fresh attack, demand N40m levy
Abuja Police rescue 4-year-old girl from suspected traffickers
Workers write FG, seek N300,000 minimum wage
Army foils kidnap attempt, rescues retired general’s wife in Abuja
French authorities arrest teen over alleged plot to abduct Kylian Mbappe
Fury blasts Joshua, calls him ‘Coward’ as blockbuster fight delays
PFIPC: Reps clear Gbajabiamila, uncover forged documents
Wike tackles APC governors, accuses Uzodinma, Abdulrazaq of plotting against him
Akwa Ibom Gov’t sparks controversy after describing Akpabio as ‘Acting President’
I think about Tinubu’s re-election everyday, if he loses, Atiku, Obi will deal with me – Wike
Kwankwaso arrives Port Harcourt ahead of 2027 election
Uber announces exit from Nigeria after 12 years
NAF opens 2026 recruitment for tradesmen, non-tradesmen
I think about Tinubu’s re-election everyday, if he loses, Atiku, Obi will deal with me – Wike
2027: I will review NELFUND, offer debt forgiveness to Nigerian students – Atiku vows
‘Why can’t Nigerians buy petrol for N441-N872 per litre like, UAE, Angola Sudi Arabia, others’ – Atiku questions Tinubu
Yuguda warns Nigerians against Atiku’s promise to restore fuel subsidy, says its a political bait
On LG Autonomy: I will send funds directly to LGs from Day 1 in office – Atiku vows
2027: APC chieftain resigns, rejects support for Tinubu, Bauchi Governorship candidate
Don’t discuss Atiku’s NYSC certificate case against Tinubu in public – Judge warns lawyers
Xenophobia: Nigeria will no longer tolerate dehumanisation of its citizens in South Africa — Shettima
Tinubu’s effort to secure Trump’s support for re-election has failed – Atiku’s lobbying firm claim
North, biggest beneficiary of my reforms — Tinubu, Arewa Forum, others disagree
Nollywood hit by another loss as Atinuke Kareem dies after prolonged cancer battle
2027: Major Jack picked as Chinda’s running mate in Rivers
Strong GDP, Reserves don’t put food on Nigerians’ tables – APC Chairman
