• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Oil Hits $76 On Fears Of Supply Disruptions

by Leadership News
11 months ago
in Business
Oil Hits $76 On Fears Of Supply Disruptions
Share on WhatsAppShare on FacebookShare on XTelegram

Oil prices climbed once more on Wednesday following Iran’s missile strike on Israel, but later eased as traders evaluated whether the intensifying Middle East conflict would affect global energy supplies.

Advertisement

Brent crude, the global oil benchmark, surged to $76.14 before retreating to $73.84, reflecting a modest daily gain.

Meanwhile, U.S. benchmark West Texas Intermediate saw a 0.4 percent increase to $70.12 per barrel. Concerns emerged among market analysts and traders about possible disruptions to energy exports if the conflict escalates, given that the Middle East region accounts for around a third of the world’s oil production.

The Financial Times reported that Bob McNally, founder of Rapidan Energy Group and former advisor to US President George Bush, emphasised Iran’s critical role in the global energy landscape.

“Iran is situated in one of the world’s most critical energy hubs, with oil and gas facilities and key transport routes,” McNally noted. “Any conflict involving Iran, especially one involving Israel, raises the risk of geopolitical disruptions.”

RELATED

Maltina Rolls Out New Pet Bottles, Pledges To Nourish 1m Students

Maltina Rolls Out New Pet Bottles, Pledges To Nourish 1m Students

9 minutes ago
currency exchange process

How To Calculate Pips In Forex And Other Important Tips For Traders

50 minutes ago
ADVERTISEMENT

Tensions flared as Israeli prime minister Benjamin Netanyahu vowed to respond to the missile attacks, with Iran warning of further, more severe strikes if Israel retaliates.

Iran, a member of OPEC, exports about 1.7 million barrels of oil daily and has threatened additional action following Tuesday’s missile barrage.

Helima Croft, a strategist at RBC Capital Markets and a former CIA analyst told Financial Times that traders are now assessing the potential for Israel to directly target key Iranian infrastructure, including oil assets.

ADVERTISEMENT

 

“Israel’s response in April to earlier Iranian attacks was measured, but recent actions by Netanyahu’s government suggest a growing tolerance for higher-risk military strategies,” Croft explained.

 

The memory of oil prices skyrocketing over 30% following Israel’s 2006 ground offensive into Lebanon is still fresh, where concerns of an expanded conflict caused prices to surge to a then-record $78 per barrel.

 

Currently, OPEC+ producers have around 5 million barrels per day in spare capacity due to recent production cuts, which could be tapped if Iranian exports were disrupted.

 

Following a meeting on Wednesday, OPEC+ reiterated its commitment to gradually restoring 2.2 million barrels per day of supply over the coming 12 months, while closely monitoring market dynamics.

 

Iran’s strategic importance isn’t limited to its oil production; its proximity to the Strait of Hormuz, a key passage for OPEC+ producers like Saudi Arabia and the UAE, means that any disruption in shipping could hinder these countries’ ability to compensate for a drop in Iranian supply.

 

Market experts are also concerned about the potential spillover into broader Gulf shipping routes, which could further tighten global oil markets.

 

Iran’s missile strike on Israel occurred amid Israeli military operations in Lebanon, with recent escalations including a missile attack that killed Hizbollah’s leader, one of Iran’s regional allies.

 

The United States has responded by bolstering its military presence in the region, preparing to defend Israel and prevent further conflict escalation. US forces have already launched strikes in Yemen, Iraq, and Syria as part of a broader effort to contain regional tensions.

 

Bill Farren-Price, an oil market expert and senior research fellow at the Oxford Institute for Energy Studies, also shared his insights on the latest developments with the Financial Times.

 

“The recent spike in oil prices is understandable given the seriousness of the situation, but we’ve seen similar episodes before,” he said. “For a prolonged oil price rally, the conflict would need to spread more significantly, especially into the Gulf region. So far, that hasn’t happened.”

 

 


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


SendShare10173Tweet6358Share
ADVERTISEMENT
Previous Post

Woodhall Capital, NACC To Confer ‘Visionary Leadership Award’ On Mo Abudu

Next Post

Airports: Reps Approve N24bn Promissory Notes For Kebbi, Nasarawa

Leadership News

Leadership News

You May Like

Maltina Rolls Out New Pet Bottles, Pledges To Nourish 1m Students
Business

Maltina Rolls Out New Pet Bottles, Pledges To Nourish 1m Students

2025/08/29
currency exchange process
Business

How To Calculate Pips In Forex And Other Important Tips For Traders

2025/08/29
Fitch Upgrades Afreximbank To ‘BBB’
Business

Japan Agency Rating Reinforces Afreximbank’s Credibility, Says Denya

2025/08/29
BREAKING: Emirates Airlines Resumes Flights To Nigeria October 1
Business

Emirates Airline To Participate In Africa Tourism, Creative Economy Expo

2025/08/29
Tinubu Names Abubakar Dantosho MD Of NPA
Business

NSC Boss Lauds Dantsoho On Election As IAPH Vice President

2025/08/29
tinubu
Business

Capital Market Stakeholders Back Tinubu’s Reforms, Urge Companies To List On NGX

2025/08/29
Leadership Conference advertisement

LATEST

Maltina Rolls Out New Pet Bottles, Pledges To Nourish 1m Students

PICTORIAL: VP Shettima Represents Tinubu At Ex-VP Sambo Son’s Wedding In Kano

Tinubu Excited As Nigerian Babalola Emerges As Rotary International President

How To Calculate Pips In Forex And Other Important Tips For Traders

Tottenham Sign Simons From RB Leipzig For £52m

JUST-IN: Many Feared Dead As Sokoto Records Another Boat Tragedy

Jonathan Hasn’t Ruled Himself Out Of 2027 Presidential Contest, Says Ex-President’s Cousin

Court Jails Businessman 6 Months For Cocaine Trafficking

Lagos Records 8,692 Domestic, Sexual Violence Cases In 1 Year

PICTORIAL: Obasanjo Visits Alaafin Amid Row With Ooni

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.