Oil Prices Inch Higher as Trump Fuels Speculation

The New Diplomat
Writer

Ad

An Unusual View Of Banditry, By Azu Ishiekwene

Zamfara State Governor, Dauda Lawal, is hardly in the news. Lawal has enough on his plate in a region struggling with banditry and insurgency, and in a state whose political heavyweights oppose him over political differences. He has learned to mind the state’s business, hardly ever throwing stones except when attacked by Abuja politicians who…

FBI Release Information About Suspects Linked to Murder of Charlie Kirk

FBI receives more than 130 tips Officials have received more than 130 tips, as of this morning. "I assure you that all leads and tips are being fully investigated," said Robert Bohls, special agent in charge of the FBI's Salt Lake City field office. He asked that anyone with video or images from the shooting…

Jubilation as Abuja court jails Ansaru leader Mahmud Usman 15 years for terrorism

By Obinna Uballa A Federal High Court in Abuja has sentenced Mahmud Usman, a top commander of the proscribed Ansaru sect, to 15 years in prison after he pleaded guilty to terrorism-related charges. Usman, widely known by his aliases Abu Bara’a, Abbas, and Mukhtar, admitted to engaging in illegal mining and funnelling the proceeds into…

Ad

Crude oil prices continue to face upward pressure as the conflict between Israel and Iran continues, raising concerns about oil supply disruptions from the Middle East.

The Strait of Hormuz, a critical passage for global oil trade, is experiencing navigation issues and shipper hesitancy due to the ongoing hostilities.
Potential U.S. involvement in the conflict, as suggested by President Trump’s statements, is further fueling the volatility and upward trend of oil prices.

Crude oil prices continued higher today as the war between Israel and Iran continued unabated, fuelling worry that oil supply from the biggest exporting region may be under threat of disruption.

At the time of writing, Brent crude was trading at $76.69 per barrel, with its premium to the Dubai benchmark topping $3 per barrel—the highest since September 2023, Reuters reported.

West Texas Intermediate was trading at $75.16 per barrel, after gaining another 4% on Tuesday. Prices got a push yesterday by the news of tankers on fire near the Strait of Hormuz. The fire turned out to be the result of a collision between the two vessels.

Reuters noted the deployment of electronic interference as part of the hostilities between Tel Aviv and Tehran without directly suggesting it may have caused the collision. It did, however, go on to point out that this interference is disrupting navigation systems in the area.

The Strait of Hormuz has once again become a magnet for everyone in oil since it handles a third of the world’s maritime oil trade and most of the Middle East’s oil exports, at over 20 million barrels daily. The world’s largest tanker operator, Frontline, said earlier that shippers are refusing to go to the Strait of Hormuz amid the fighting. There is also fear that Iran may close the chokepoint, which would disrupt oil flows. Any closure, however, is likely to be short-lived due to the heavy U.S. military presence in the Persian Gulf.

Further fueling the price rally, President Trump suggested the U.S. may be about to enter the fray. “We know exactly where the so-called “Supreme Leader” is hiding. He is an easy target, but is safe there – We are not going to take him out (kill!), at least not for now. But we don’t want missiles shot at civilians, or American soldiers. Our patience is wearing thin. Thank you for your attention to this matter!” Trump posted on his Truth Social account on Tuesday.

Credit: Oilprice.com

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp