oil

Thursday April 2, 2026 Oil markets jolted sharply higher on Thursday, with prices surging more than $5 after President Donald Trump said the United States would keep striking Iran, while stopping short of giving any clear deadline for how the war might end. The lack of a firm end point deepened investor concern that disruptions to energy supplies could stretch on. Brent crude futures LCOc1 climbed $6.33, or 6.3 percent, to $107.49 a barrel in early trading, while US West Texas Intermediate crude CLc1 rose $5.28, or 5.3…

By Ali Mohamed AliWednesday April 1, 2026 Illustrative photo  Somalia’s push to open its offshore waters to Turkish Petroleum Corporation (TPAO) could come at a steep environmental cost unless the country insists on a rigorous Environmental and Social Impact Assessment (ESIA) carried out by an independent, technically qualified firm. Context: Planned Drilling by TPAO Somalia has already awarded TPAO exclusive rights to multiple offshore and onshore oil and gas blocks after the company completed extensive 2D and 3D seismic…

A Russian oil tanker nearing Cuba has opened a narrow lifeline for the island as US President Donald Trump insisted the shipment would do little to change the trajectory of Havana's communist government. Even as the expected delivery promised some badly needed relief, Mr Trump sharpened his warnings toward Cuba's leadership, saying the government would collapse "within a short period of time." The Anatoly Kolodkin, carrying 730,000 barrels of crude, was positioned off Cuba's northeastern coast yesterday evening and was due…

Trump floats 'taking control of Iranian oil,' says Tehran eager for deal US President Donald Trump asserted that Iran’s leaders are “begging to make a deal” to halt the ongoing Middle East war, pushing back on suggestions that Washington is chasing talks. He claimed Tehran signaled its willingness to negotiate by allowing 10 oil tankers to move through the strategic Strait of Hormuz, describing the passage as a…

Thursday March 26, 2026 Hargeisa (AX) — Drivers and businesses across North Western State of Somalia are facing fresh fuel price hikes after authorities on Wednesday rolled out new official pump rates, pointing to surging global oil prices and tighter supply conditions. The revised pricing sets gasoline at 12,500 North Western State of Somalia shillings per liter, while diesel will sell for 10,500 North Western State of Somalia shillings per liter. Officials said the new rates were agreed after consultations involving the…

A sudden policy shift from Washington is sending ripples through global energy markets, as the Trump administration moves to counter surging oil prices amid escalating conflict with Iran. The United States on Friday issued a 30-day waiver allowing the purchase of Iranian oil at sea, a step officials say is aimed at easing supply pressures driven by nearly three weeks of U.S. and Israeli strikes on Iran. Treasury Secretary Scott Bessent said the measure could release roughly 140 million barrels of oil into global…

The Conversation Africa reached out to five academic experts from Nigeria, South Africa, Senegal, Kenya, and Ethiopia to explore the pressing issue: Is the recent surge in oil prices negatively impacting your nation's economy? Across the board, their responses echoed a shared sentiment...

Oil prices climb past $106 as Hormuz standstill chokes global energy flows Oil prices extended gains at the start of the week as markets saw little prospect of a swift end to the effective closure of the Strait of Hormuz, a chokepoint that typically carries about one-fifth of the world’s oil. Brent crude, the global benchmark, rose as much as 3% on Sunday to top $106 a barrel before easing slightly. It traded at $104.63 as of 04:30 GMT Monday, up nearly 1.5%. Brent crude: $104.63 at 04:30 GMT, after briefly topping $106…

Fujairah resumes oil loading after drone interception and fire at key UAE export hub FUJAIRAH, United Arab Emirates — Oil loading operations at the United Arab Emirates’ Fujairah emirate have resumed after a drone attack and fire on Saturday, an industry source based in Fujairah said, restoring activity at one of the world’s most important energy logistics hubs. Fujairah’s media office said smoke seen rising over the oil industry zone was caused by debris after air defenses intercepted a drone. The incident unfolded amid…

President Donald Trump threatened new strikes on Iran’s Kharg Island oil hub unless Tehran halts attacks on vessels in the Strait of Hormuz, a warning that raised the stakes for global shipping and oil prices amid a war already disrupting energy supplies. Trump coupled the ultimatum with a social media post saying the United States had “totally obliterated” military targets on Kharg, which handles roughly 90% of Iran’s crude exports and sits about 483 kilometers northwest of the strait. He said U.S. strikes did not hit oil…