international oil market

The United States and Iran exchanged fresh military strikes over the weekend, with both governments accusing each other of violating the ceasefire agreement reached earlier this month, raising new concerns over the future of the fragile peace framework and security in the Strait of Hormuz

How war redrew the global aviation fuel map as Nigeria's Dangote Refinery emerged among the world's leading exporters

Oil prices extended their losses on Friday, with U.S. benchmark West Texas Intermediate (WTI) crude falling below the $70 per barrel threshold as easing concerns over disruptions to Middle East oil supplies reinforced expectations of increased global crude availability

Saudi Arabia is expected to significantly reduce the official selling prices (OSPs) of its crude oil for August deliveries to Asia as easing geopolitical tensions and rising regional supplies continue to weigh on Middle Eastern benchmark prices

Crude oil prices remained on track for their steepest weekly decline in months on Friday as improving tanker traffic through the Strait of Hormuz continued to ease concerns over supply disruptions, prompting traders to unwind much of the geopolitical premium built into the market during the recent Middle East conflict.

A surge in demand for oil tankers is emerging as one of the clearest market consequences of the gradual reopening of the Strait of Hormuz, with shipping costs climbing sharply as producers and refiners race to reposition cargoes delayed by months of disruption in the Persian Gulf

The downward movement in Nigeria's petrol market gathered pace on Wednesday as Lagos depot owners maintained lower loading prices for Premium Motor Spirit (PMS), following a sharp decline in international crude oil prices driven by easing supply concerns in the global market.

Crude oil prices fell further on Wednesday after a record 19 million barrels of crude reportedly passed through the Strait of Hormuz in a single day, a development that reinforced market confidence that supplies from the Middle East are returning to normal following weeks of geopolitical uncertainty.

Global crude oil benchmarks extended their downward trend on Tuesday as easing geopolitical tensions between the United States and Iran improved market sentiment and reduced immediate supply risk fears.

The United States has temporarily authorized the sale and export of Iranian crude oil and petroleum products as part of ongoing efforts to secure a broader peace agreement with Tehran and guarantee uninterrupted shipping through the Strait of Hormuz

Global oil prices declined on Monday after the first round of peace talks between the United States and Iran concluded in Switzerland, easing concerns over potential supply disruptions and improving sentiment across energy markets.

Iran has announced the closure of the Strait of Hormuz following renewed Israeli military operations in Lebanon, a move that has introduced fresh uncertainty into the implementation of the recently signed U.S.-Iran peace framework and raised new concerns about global energy supplies

Global oil prices moved higher on Friday as renewed uncertainty surrounding the Strait of Hormuz offset earlier optimism over a potential diplomatic breakthrough between the United States and Iran.

A large volume of crude oil that has remained stuck on tankers in the Persian Gulf is expected to begin moving toward Asian markets following a preliminary agreement between the United States and Iran that signals a gradual reopening of the Strait of Hormuz, a critical global shipping route

Global oil prices rose on Friday after planned peace talks between the United States and Iran were postponed, reviving uncertainty over the outlook for Middle East crude supplies.