₦airaland Forum

By Seher Dareen and Dmitry Zhdannikov

Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war.

The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures trading is closed over the weekend.


"While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS.

Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway. More than 20% of global oil is moved through the Strait of Hormuz.

"We expect prices to open (after the weekend) much closer to $100 a barrel and perhaps exceed that level if we see a prolonged outage of the Strait," Parmar said.

Middle East leaders have warned Washington that a war on Iran could lead to oil prices jumping to more than $100 a barrel, said RBC analyst Helima Croft. Rabobank analysts slightly less bullish, seeing prices holding above $90 a barrel in the near term.

The OPEC+ group of oil producers agreed on Sunday to raise output by 206,000 barrels per day (bpd) from April, a modest increase representing less than 0.2% of global demand.

While some alternate infrastructure could be used to bypass the Strait of Hormuz, the net impact from its closure would be a loss of 8 million to 10 million bpd of crude oil supply even after diverting some flows through Saudi Arabia’s East-West pipeline and Abu Dhabi’s pipeline, said Rystad energy economist Jorge Leon.

© Reuters.
Rystad expects prices to rise by $20 to about $92 a barrel when trade opens.

The Iran crisis also prompted Asian governments and refiners to assess oil stockpiles and alternative shipping routes and supplies. Kpler analysts said in a webinar on Sunday that India might turn to Russian oil to make up for potential Middle East supply loss.

https://www.investing.com/news/commodities-news/oil-jumps-10-on-iran-conflict-and-could-spike-to-100-a-barrel-analysts-say-4533502

The Iran crisis also prompted Asian governments and refiners to assess oil stockpiles and alternative shipping routes and supplies.

"While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS.

Trump wanted a quick win, tap and go like he did in Venezuela. He thought he and his proxy in Occupied Palestine would have finished off Iran in few hours and by this morning before oil markets open.

Iran has held him and his proxy. Oil will brace up and he becomes his own casualty for what some US Senators called " idiotic" military operation.

Meanwhile, Japada of Europeans in occupied Palestine, to Europe where they came from has started. I thought the hyped domes , slings and THAAD Patriots are working

We would hardly see any benefits from it as an oil producing country though......na Yekini and his boys pocket that'll get fatter.

Mattswaggz:
We would hardly see any benefits from it as an oil producing country though......na Yekini and his boys pocket that'll get fatter.

Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That itself is self sabotage and manifests in your life.

Seplat
Oando
Aradel
Would go to the moon tomorrow

Nigeria government under Tinubu is having one of the biggest revenue so far. But I haven't seen anything to show for it.

Plenty oil revenue money for the Nigerian government this year.. that's almost times 2 of the benchmark they planned the budget on.

FreeStuffsNG:
Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That is self sabotage and manifests.

Ohh sorry I forget to add laptop boys as beneficiaries too.....30k will go a long way for them no matter how small.

Sorry ko....my bad...I won't forget you guys next time okay. .

FreeStuffsNG:
Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That is self sabotage and manifests.

Save this needless sermon

If someone says they enjoy nothing from this government or country, prove them wrong

Mattswaggz:
Ohh sorry I forget to add laptop boys as beneficiaries too.....30k will go a long way for them no matter how small.

Sorry ko....my bad...I won't forget you guys next time okay. .

Smh.

This is the thinking you get when you are fed on indomie right from the cradle.

Mattswaggz:
We would hardly see any benefits from it as an oil producing country though......na Yekini and his boys pocket that'll get fatter.

Enemies of progress, your kind will continue to envy and jealous Yoruba people. We understand that it is your destiny just like the devil will always envy and jealous God.

I knew Ayotella's death will hurt those press TV guys badly. They cudnt even announce d death without breaking down
How they hyped their govt and believed their own hype and threats is beyond me

Means more money for Putin to continue his war....

FreeStuffsNG:
Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That is self sabotage and manifests.

Hope deferred continuously makes d heart weak.
Most people who have up in this nation love it to stupor. But now it has drowned into a hopeless situation no thnks to our leaders and their sychophants. Na only God hand we de now

Petrol prices will rise in Nigeria and the people will groan more. Dangote will increase the price of petrol in tandem with 'international prices'

Every producer wants the prices of his products to go up along with increasing demand so he can make more profits. The Nigerian situation is the paradox, if oil prices increases in the international markets, our misery increases with it.

The only producer in the world who groans and whose life becomes more miserable when the demand and price of the thing he produces free of charge goes up.

So more money for my darling country

Mattswaggz:
Ohh sorry I forget to add laptop boys as beneficiaries too.....30k will go a long way for them no matter how small.

Sorry ko....my bad...I won't forget you guys next time okay. .

I pity you. If you are cursing the nation and always wishing bad . Is just like someone cursing his/her root.
It can not be well with them that curse the nation.
Even when some people are excelling.
When God saw that the earth full of darkness he decree light.

I weep for many of you.
See be ready to travel out bcus the land your curse is your root. Only travelling will make life better for many of you who has curse the land. You decide your fate.

Since the land has been blessing you, why did you stop giving your 'so called' free stuffs and giveaways?

That your patriotic propaganda is totally hypocritical.

Channel your hallucinations of patriotism to your coven of APC failures, who dwell on propaganda than actual Governance.

Even if the oil sells for $1000 per barrel, poverty and hunger will still prevade the land because Tinubu is Clueless

Mtcheeeew.

FreeStuffsNG:
Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That is self sabotage and manifests.

Rubyjade:
Seplat
Oando
Aradel
Would go to the moon tomorrow

You know game!

Jump into it first minute of trading. My patience with OANDO will finally pay off.

FreeStuffsNG:
By Seher Dareen and Dmitry Zhdannikov




https://www.investing.com/news/commodities-news/oil-jumps-10-on-iran-conflict-and-could-spike-to-100-a-barrel-analysts-say-4533502

That was the planned of attacking Iran as they have invaded Venezuela and steal the oil for themselves.

Attacking Iran will double the price of oil and many Trump friends have already bet on oil price to skyrocket. Stock will skyrocket and many of his friends will cash out while the rest of the world suffers.

Khamenei rejected 72 virgins, preparing to come back for revenge. Iran is winning...Iran is winning.

Meanwhile,

Iranians are celebrating, but northern Nigerian terrorist sympathizers are angry.

Groovedaddy:
Means more money for Putin to continue his war....

At a time! He will be making more money!

are you sure you didnt fail Math class? Please what was the Fed Govt Benchmark? How is $80 or $100 almost times 2?

Babatunjo:
Plenty oil revenue money for the Nigerian government this year.. that's almost times 2 of the benchmark they planned the budget on.

FreeStuffsNG:
Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That is self sabotage and manifests.

Well this is not a faith-based prediction. So it doesn't work that way. He's talking based on experience we all have, including you. Have you heard of precedence before?
Yeah, that's it! Your leaders have notorious precedence when it comes to pilfering away public funds.

FreeStuffsNG:
Please speak for yourself. Your type never see anything good in your own country, land and leaders but will go and sacrifice yourself in unmarked graves fightiing for Trump and Putin.

How can the land bless you when you never expect the land to bless you. That is self sabotage and manifests.

This is what many people don't know.

They need to come to Nigeria, so the oil price will be $1000 per barrel , so that Tinubu will use it and develop Nigeria with his propaganda and audio development lamba.

Forget banter on NL. Tinubu is a certified failure in all aspects of Positive Governance. The Populace don't even believe their propaganda anymore. That is why they are busy attacking voices that don't support and call out their failures.

Such a sophisticated shame

Smartguyboy:
That was the planned of attacking Iran as they have invaded Venezuela and steal the oil for themselves.

Attacking Iran will double the price of oil and many Trump friends have already bet on oil price to skyrocket. Stock will skyrocket and many of his friends will cash out while the rest of the world suffers.

Hmmm massive cash out for the men in the rock, red chamber and green chamber chai 🤣😃🤣😃🤣😃

I hope Nigeria has prepared for this opportunity? Please, don't waste it.

Smartguyboy:
That was the planned of attacking Iran as they have invaded Venezuela and steal the oil for themselves.

Attacking Iran will double the price of oil and many Trump friends have already bet on oil price to skyrocket. Stock will skyrocket and many of his friends will cash out while the rest of the world suffers.

Not really. Venuezela oil is heavy oil and not lucrative per se.

Trump wanted a quick win before oil trade starts so he can fence off domestic political consequences but things are spiralling out of control fast.

Upon this Nigeria will still have excuse not to take advantage of the higher oil price. A cursed nation is a cursed nation

Go Sleep..

Just imagine the way these people think. So people should support failure.

Nairaland sef

Darekiki:
I pity you. If you are cursing the nation and always wishing bad . Is just like someone cursing his/her root.
It can not be well with them that curse the nation.
Even when some people are excelling.
When God saw that the earth full of darkness he decree light.

I weep for many of you.
See be ready to travel out bcus the land your curse is your root. Only travelling will make life better for many of you who has curse the land. You decide your fate.