Oil prices climbed on Tuesday amid persistent tensions between Iran and Israel, with no immediate resolution in sight.
Brent crude had surged by 5.29 percent to reach $77.04 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by 5.28 percent to $74.84 per barrel, late Tuesday.
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Citing a report from Reuters, oil supply chains have remained largely unaffected so far. However, Iran has partially halted gas production at the South Pars field—shared with Qatar—following a blaze allegedly caused by an Israeli airstrike over the weekend.
The Israeli military also reportedly targeted the Shahran oil depot in Iran during the escalation.On June 13, oil prices recorded a sharp rise, gaining more than 7 percent—the highest jump in over four months.
With prices now above Nigeria’s 2025 fiscal benchmark of $75 per barrel, there’s an indication that the country could see increased oil revenues if the trend continues.
Data released on June 13 by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria’s daily oil production fell to 1,452,941 barrels in May.
The commission highlighted that this output level represents 97 percent of the 1.5 million barrels per day (bpd) quota allocated to Nigeria by the Organisation of the Petroleum Exporting Countries (OPEC).
In a separate update on June 16, OPEC noted that despite the production decline, Nigeria maintained its lead as Africa’s top crude oil producer in May.
The organization also announced it would uphold its 2025 global oil demand growth forecast at 1.3 million barrels per day.
