{"id":133237,"date":"2024-10-05T16:49:06","date_gmt":"2024-10-05T15:49:06","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict"},"modified":"2024-10-05T17:55:15","modified_gmt":"2024-10-05T16:55:15","slug":"brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict","title":{"rendered":"Brent, Nigerian oil blends race to $80 per barrel amid Israel, Iran conflict"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Brent and Nigerian oil blends recorded a rebound to around $78 per barrel on Friday from a low of $70 amid escalating tensions in the Middle East, which heightened fears of supply disruptions.<\/p>\n<p>Particularly, data from Oil.price.com on Friday showed that Brent Crude stood at $78.86 per barrel, WTI Crude at $74.90, Bonny Light ($78.62), Brass River ($80.06) and Qua Iboe ($80.16).<\/p>\n<p>This comes as the Iran and Israel conflict reached a crescendo in the last few days.<\/p>\n<p>The development had led to the steady rise of oil futures.<\/p>\n<p>In early September, the oil market saw a sharp 1 per cent drop in Brent futures to $70.71 per barrel on trading volumes above 7 million units, a decline that pushed Nigeria\u2019s oil blends below the $75 threshold.<\/p>\n<p>However, October has seen a resurgence in oil prices, with Brent futures climbing above $78 per barrel amid concerns about potential supply shortages.<\/p>\n<p>In early September, Brent and Nigerian oil blends dropped below $75 per barrel, with Brent futures hitting a low of $70.71.<\/p>\n<p>Concerns of oversupply drove this decline, as OPEC\u2019s plans to boost production weighed heavily on the market, pulling crude oil futures down further.<\/p>\n<p>In response, stockpiling surged, with U.S. crude inventories rising by 3.9 million barrels to reach 417 million barrels in the final week of the month.<\/p>\n<p>Iran fired hundreds of missiles at Israel.<\/p>\n<p>Israel had also vowed to retaliate.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Brent and Nigerian oil blends recorded a rebound to around $78 per barrel on Friday from a low of $70 amid escalating tensions in the Middle East, which heightened fears of supply disruptions. Particularly, data from Oil.price.com on Friday showed that Brent Crude stood at $78.86 per barrel, WTI Crude at $74.90, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":133235,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[11500,2389,254],"class_list":["post-133237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-iran","tag-israel","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Brent, Nigerian oil blends race to $80 per barrel amid Israel, Iran conflict - Nigeria<\/title>\n<meta name=\"description\" content=\"Brent and Nigerian oil blends recorded a rebound to around $78 per barrel on Friday from a low of $70 amid escalating te ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent, Nigerian oil blends race to $80 per barrel amid Israel, Iran conflict\" \/>\n<meta property=\"og:description\" content=\"Brent and Nigerian oil blends recorded a rebound to around $78 per barrel on Friday from a low of $70 amid escalating te ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-05T15:49:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-05T16:55:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1728134687.980771.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Brent, Nigerian oil blends race to $80 per barrel amid Israel, Iran conflict\",\"datePublished\":\"2024-10-05T15:49:06+00:00\",\"dateModified\":\"2024-10-05T16:55:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict\"},\"wordCount\":245,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1728134687.980771.jpg\",\"keywords\":[\"Iran\",\"Israel\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/brent-nigerian-oil-blends-race-to-80-per-barrel-amid-israel-iran-conflict\",\"name\":\"Brent, Nigerian oil blends race to $80 per barrel amid Israel, Iran conflict - 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