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
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
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.”
NationWide
FG begins free 100MB daily data rollout for Nigerian students
The ALTON chairman said the telecommunications and wider technology industry had shown significant commitment to the initiative.
States
Makinde urges Nigerians to remain united, honour founding heroes
Mr Makinde urged the citizens to appreciate the sacrifices of Nigeria’s founding heroes.
States
Troops eliminated 16 terrorists, rescued 10 prospective NYSC members: Nigerian Army
The report said the troops repelled the attacks, forcing the terrorists to flee towards Garkida on motorcycles.
Anti-Corruption
U.S. immigration officer jailed for accepting $6,000 bribe
Mr Dukuly pleaded guilty to “aiding and abetting the bribery of a public official in exchange for an official act.”
Uncategorized
TCN restores Kainji-Birnin Kebbi 330kV transmission line
The company said power went off in the affected areas on September 7.
States
Group seeks better healthcare, social support for elderly Nigerians
Mr Oluwadamilare said growing old in Nigeria was becoming increasingly difficult due to economic hardship.
