Oil Prices Heads for Fourth Weekly Loss as Strait of Hormuz Traffic Recovers

A team of Chinese engineers has commenced a comprehensive technical assessment of the Warri Refining and Petrochemicals Company (WRPC), marking the first step in the Nigerian National Petroleum Company Limited's (NNPCL) latest effort to restore the state-owned refinery to sustainable commercial operations

A fire has been reported at Bono Depot, with emergency response teams moving to the scene as efforts to contain the incident get underway

Dangote Petroleum Refinery has said the petrol, diesel and aviation fuel currently being supplied to the Nigerian market are being produced from crude oil inventories acquired when international crude prices were significantly higher than current market levels, explaining why domestic fuel prices do not immediately mirror declines in global oil prices

Global crude oil prices advanced on Thursday after Iran tightened its control over tanker movements through the Strait of Hormuz, rekindling concerns over supply security in one of the world's most strategic oil transit routes. As at the time of writing 7:30 a.m. (WAT), Brent crude traded at $72.19 per barrel, up 0.54%, while West Texas Intermediate (WTI) rose 0.39% to $68.96 per barrel, recovering part of the losses recorded after last week's sharp market sell-off.