National Economy
Wednesday, September 10, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home News

Global Crude Freight Cost Rises Over Iran Attack On Israel

by Chika Izuora
1 year ago
in News
Reading Time: 2 mins read
crude-oil-

crude-oil-

Share on FacebookShare on TwitterShare on Telegram

Global oil traders are weighing present circumstances in the Middle East after Iran launched attack on Israel.

Although, while that has not immediately impacted oil supplies, it has increased freight costs and boosted oil demand as the global fleet is forced to make longer voyages.

Prices, which already include a risk premium of about $10 a barrel, bbl, are poised to push higher, according to Iman Nasseri, Middle East managing director at consultancy FGE. Prices could add another $2 to $5 a bbl due to concern of further Israeli reprisals or Iranian interference with shipping around the Persian Gulf, he said.

 

You May Like

Nigerian Businesses Struggle As Loan Interest Rates Hit 36%

Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo

A volatile Middle East is adding a risk premium to a market where robust demand is mixing with a disciplined Organisation of Petroleum Exporting Countries(OPEC)+ production policy to draw down global stockpiles and push prices higher.

Vitol Group, the world’s largest oil trader said last week that demand growth is likely to outpace most forecasts this year.

Meanwhile, the head of commodities at hedge fund Citadel said he expects oil market to get “extremely tight” later this year.

Energy markets will begin to integrate more seriously the threat of the conflict expanding and a spiral of miscalculations, said, the head of Middle East and North Africa at risk consultant Eurasia Group, Ayham Kamel.

Iran’s attack on Israel marks a distinct escalation in hostilities by bringing the two nations into direct conflict, rather than fighting through proxies.

Iran says its attack in retaliation for the bombing of its embassy in Syria has “concluded” the phase of tit-for-tat aggression, but Israel has reserved the right to strike back.

“Oil prices might spike at the opening, as this is the first time Iran struck Israel from its territory,” said Giovanni Staunovo, an analyst at UBS Group AG.

“How long any bounce will last will also depend on the Israeli response.”

Trading resumes at 6pm New York time on Sunday.

The risk of a direct Iranian attack on Israel was already at least partly priced in benchmark Brent crude, up 17 per cent so far this year, passed $90 a bbl after the strike on Iran’s embassy.

But after Iran’s foreceful response, traders will heighten their focus on flows through the Strait of Hormuz, a key chokepoint for about a fifth of the world’s oil. Tension over potential interruptions there could add to oil’s risk premium with spikes possible in the event of any attacks on tankers.

On Saturday, Iranian forces seized a container ship near the strait they said was linked with Israel.

One of Iran’s allies in the region, Yemen’s Houthis, have already caused havoc in the shipping industry by attacking vessels in the Red Sea.

Tags: IranIsraelOIL
ShareTweetShare
Previous Post

FG Plans Conversion of Mass Transit Vehicles to Gas

Next Post

AI Supports Expanded CSO Protest Against Shell’s Onshore Divestment

ANOTHER GOOD READ

Banks Slash Loans To Manufacturers By 26%, Lending Falls To N8trn
News

Nigerian Businesses Struggle As Loan Interest Rates Hit 36%

1 day ago
Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo
Judiciary

Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo

2 days ago
FCT Minister Launches 50% Fertiliser Subsidy To Empower Farmers In Abuja
News

FCT Minister Launches 50% Fertiliser Subsidy To Empower Farmers In Abuja

2 days ago
Airtel Africa Foundation Awards Tech Scholarships To 2 Nigerian Students
News

Airtel Africa Foundation Awards Tech Scholarships To 2 Nigerian Students

2 days ago
Odogwu Bitters Attributes Feat To Quality, Customer Retainership
News

Odogwu Bitters Attributes Feat To Quality, Customer Retainership

2 days ago
FG Leverages Methanol To Support Plastic, Pharmaceutical Industry’s Growth
News

FG Leverages Methanol To Support Plastic, Pharmaceutical Industry’s Growth

2 days ago
Next Post
AI Supports Expanded CSO Protest Against Shell’s Onshore Divestment

AI Supports Expanded CSO Protest Against Shell's Onshore Divestment

Most Recent

FirstBank Leads War On Fraud, Wins Global Cybersecurity Award

FirstBank Leads War On Fraud, Wins Global Cybersecurity Award

September 10, 2025
JAMB Uncovers 4,251 Fingerprint Frauds, 192 AI Impersonations

JAMB Uncovers 4,251 Fingerprint Frauds, 192 AI Impersonations

September 9, 2025

Nigerian Firms Allocate 30% IT Budgets To Privacy Protection

September 9, 2025
NABTEB Reviews 26 Trade Syllabi To Upgrade Technical Colleges

NABTEB Reviews 26 Trade Syllabi To Upgrade Technical Colleges

September 9, 2025
Banks Slash Loans To Manufacturers By 26%, Lending Falls To N8trn

Nigerian Businesses Struggle As Loan Interest Rates Hit 36%

September 9, 2025
Nigeria Publishes New Tax Reform Laws, Exempts Small Businesses

Nigeria Publishes New Tax Reform Laws, Exempts Small Businesses

September 9, 2025
Pension Operators Sensitise Young Professionals On Cancer Awareness

Be Fair, N’Assembly To Pension Bureau

September 9, 2025
Nigerian Firms Disburse N927.6bn Dividends In H1 2025

NGX Opens Week On Bullish Note, Gains N263bn

September 9, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy