Home Business Oil price soars to $77 per barrel amid Iran-Israel conflict
Business

Oil price soars to $77 per barrel amid Iran-Israel conflict

Share
Share


On Tuesday, oil prices surged as the conflict between Iran and Israel continues.

According to reports, Brent crude increased by 5.29 per cent to $77.04 a barrel at 22.15 WAT, while US West Texas Intermediate crude rose by 5.28 per cent to $74.84 a barrel.

Reuters reports that although oil flows remained uninterrupted, gas production was partially suspended by Iran at the South Pars field, which it shares with Qatar, after a fire from an Israeli strike on Saturday.

The Shahran oil depot in Iran was also hit by Israel.

With the latest surge in oil prices, Nigeria’s 2025 budget benchmark of $75 per barrel has been surpassed by the global commodity’s value.

This implies a potential increase in the country’s revenue from the oil industry.



Source link

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Nigeria, others need $100bn annually to bridge energy

By Adewale Sanyaolu Experts in the gas value chain have reaffirmed the...

Dangote eyes regional dominance with Africa-wide refinery rollout

…Doubts if Nigeria’s plants’ll ever work   By Adewale Sanyaolu In what...

Geregu Power grows half-year revenue to N87.6bn

By Chukwuma Umeorah   Geregu Power Plc has reported a 9 per...

Investor rush lifts UBA, Zenith, GTCO to record highs

By Chukwuma Umeorah The Nigerian Exchange Limited (NGX) sustained its bullish momentum...