The oil and gas crunch caused by the war between the U.S., Israel, and Iran, has cost global businesses $25 billion, Reuters reported today, adding that the bill is going to climb higher still. The publication analyzed corporate statements issued after the war started, finding that as many as 279 companies had cited the war as a […]
President Donald Trump said Chinese President Xi Jinping supports diplomatic efforts aimed at reopening the Strait of Hormuz as ongoing disruption to Middle East shipping continues to pressure global energy markets.
Nigeria’s oil production rose 106,000 month-on-month to 1.48 million barrels per day in the month of May. That’s according to data from OPEC Monthly Oil Market Report. Meanwhile, investors continue to monitor the fragile Middle East ceasefire and await outcome of talks between U.S. President Donald Trump and China’s Xi Jinping in Beijing. Chinnan Dikwal, Vice Chair of African Energy Council joins CNBC Africa for more.
WTI Crude Oil May 2026 market: Current pricing suggests a 50% chance of reaching $110, a 23% chance of reaching $120, and a 14% chance of hitting $130. Recent trends indicate increasing probabilities for higher price thresholds.
Oil prices jumped as critical energy infrastructure and tankers in the Middle East came under attack, marking a significant escalation in the US-Iran hostilities and jeopardizing a four-week-old ceasefire.
Japan will establish a USD 10-billion financing framework to help Asian countries secure energy resources and build oil stockpiles as tensions in the Middle East strain supply chains, Reuters reported on Wednesday.
TotalEnergies has shut down operations in the Middle East for approximately 15% of its total production, the company has said in a statement outlining its exposure to the US-Iran war.
Economist Dr Adu Owusu Sarkodie has stated that the escalating war in the Middle East could unexpectedly increase Ghana’s revenue if global oil prices continue to rise.
Reliance, which typically buys crude from the Middle East, has been more active than usual in procuring oil from the Gulf region in recent weeks.
The upward pressure on prices was back, however, as European pressure on Russia increases, with reports over the weekend of Russian aircraft entering Estonian airspace and neutral airspace over the Baltic Sea, plus airstrikes on western Ukraine that were close to the border with Poland.