Tag
CRUDE OIL PRICES
The naira was among Africa’s most resilient currencies in the second quarter of 2026, with its maximum depreciation capped at 2.6% despite widespread exchange rate pressures across the continent.
The global oil market’s supply buffer has shrunk significantly after more than 1 billion barrels were withdrawn from commercial inventories to cushion disruptions caused by the Middle East crisis, leaving the market increasingly vulnerable to further supply shocks.
South Africa’s petrol price has hit a record $1.82 per litre as the Iran conflict drives a sharp increase in global oil prices.
Global oil markets remained under pressure in September as the conflict in the Middle East kept crude prices above $100 per barrel, while...
Global fossil-fuel subsidies could exceed $1 trillion in 2026 as governments spend more to protect households and businesses from rising energy costs triggered by the crisis in the Middle East.
Middle East crude oil exports have recovered to about 98% of their pre-war levels as more tankers move through the Strait of Hormuz despite persistent security risks across the region.
US President Donald Trump has rejected an offer from Iran to reopen the Strait of Hormuz as Washington intensifies economic pressure on Tehran, including measures targeting banks and airlines.
Nigerian crude remained mostly stable but below the $70 mark as investors assessed the impact of Ukrainian drone strikes on key Russian refineries and export terminals, which could disrupt crude and fuel shipments.
Global crude oil tracked by Brent futures has fallen sharply, losing over 7% in August and extending its year-to-date decline to more than 11% in 2025.
Nigeria's current account surplus is projected to decline sharply in 2025, dropping to 2.7% of GDP from 9.2%...
Nigerian crude prices dipped to a three-week low on Tuesday, falling back to rates seen before the recent Israel-Iran fighting as fading supply fears and talk of an OPEC+ output increase weighed on the market.
The naira remained stable at N1610–N1615 on the unofficial market as oil prices recovered above $61 per barrel, while the dollar index stayed stable in the global currency market.