From Adanna Nnamani, Abuja
The price of Nigerian crude oil climbed above $70 per barrel on Tuesday, influenced by renewed fears of global supply disruptions following Houthi-led attacks on vessels in the Red Sea.
Nigerian oil blends, Bonny Light, Brass River, and Qua Iboe, were sold at $72.3 per barrel, trading slightly above major global oil contracts and inching closer to the Federal Government’s crude benchmark of $75 per barrel.
Brent oil futures for September delivery closed at $69.91 per barrel, while West Texas Intermediate (WTI) crude fell 0.4 per cent to $68 a barrel.
The surge follows reports that four crew members aboard the Greek-operated, Liberian-flagged bulk carrier Eternity C were killed in a drone and speedboat attack off the coast of Yemen, according to Reuters.
The incident has heightened global concerns over energy security and supply chain stability in the Middle East shipping route.
However, gains in the market were limited on Wednesday after the American Petroleum Institute (API) reported an unexpected build in U.S. crude stockpiles. Inventories rose by 7.1 million barrels for the week ending July 4, against market expectations of a 2.8 million barrel draw. Gasoline inventories dropped by 2.2 million barrels, while distillate stocks fell by 800,000 barrels, signalling mixed demand trends in the U.S. fuel market.
Traders also remained cautious ahead of fresh U.S. tariff announcements by President Donald Trump, which further dampened investor sentiment.
Meanwhile, Dangote Refinery has slashed its depot petrol price from N840 to N820 per litre. The company said the new price takes immediate effect as it expands distribution to more marketers nationwide.
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