Nigeria grade oil up $86 in price amidst Middle East.
Nigeria’s oil futures, Brass River and Qua Iboe, saw gains on Monday due to escalating tensions in the Middle East following the tragic crash of an Iranian president’s helicopter. This incident led to a surge in prices, with Brass River and Qua Iboe trading at $86.60 per barrel, reflecting a 0.70 percent increase for both grades. The death of the Iranian president sparked concerns about potential disruptions in oil production and exports from the region. Additionally, the postponement of Saudi Arabia’s Crown Prince Mohammed Bin Salam’s visit to Japan due to his father’s health issues added to market volatility. These events highlight the significant impact of geopolitical tensions on global oil markets and underscore Nigeria’s reliance on oil exports for government revenue and economic stability.
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