Global oil prices rise as U.S.-Iran war raises supply concerns
Global oil prices rose on Thursday, with Brent crude hitting $107 per barrel after a sharp rise in attacks on shipping heightened concerns about further supply disruptions.
Brent crude rose 6.1% to $107.40 per barrel, while U.S. crude rose 6.2% to reach $102 per barrel for the first time since May.
Prices rose as maritime attacks intensified in the Strait of Hormuz and the Red Sea.
The U.S. and Iran have continued exchanging strikes while Iran-backed Houthis have also attacked Saudi Arabia.
However, U.S. President Donald Trump on Wednesday night promised a speedy return of cheap energy.
“Prices right after this very important election on November 3rd will be plummeting,” Mr Trump said. “The war will be over very shortly after the election.”
Jim Burkhard, global head of crude oil research at S&P Global Energy, was quoted as saying the market is “not returning to calm.”
“It is adjusting to the new normal defined by unresolved conflict and persistent Maritime risk,” Mr Burkhard said in a report.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
UN commends Imo’s digital transformation, recommends reforms as national model
Mrs Mohammed expressed delight over the rapid progress recorded in youth development and technological empowerment in the state.
Africa
ECOWAS, ISOFS partner to end obstetric fistula by 2030
The partnership is projected to accelerate medical progress for West African obstetric fistula patients.
World
U.S. ICE arrests Nigerian Raphael Oludemilade-Adebowale convicted of money laundering
U.S. ICE officers arrested Nigerian Raphael Oludemilade-Adebowale, who was convicted of larceny and money laundering.
Heading 3
Global oil prices rise as U.S.-Iran war raises supply concerns
Global oil prices rose on Thursday amid heightened concerns about further supply disruptions.
Heading 4
Russian drone attack kills four, injures more than 60 in Ukraine
Russian drone killed at least four people and injured more than 60 others in Pavlohrad city, Ukraine.
Education
FG inaugurates N180 billion free data scheme for five million Nigerian students
Mr Alausa stated that under the scheme, five million learners would receive 100 megabytes of sponsored data daily.
