Crude Oil Prices Rise Above $117 Amid US-Iran Tensions

Crude oil prices surged above $117 a barrel, reaching their highest level since April, driven by fears of renewed US military strikes on Iran and escalating threats to energy infrastructure in the Middle East. This increase follows a significant rise from about $72 a barrel in February to approximately $126 by the end of April amid ongoing conflict.

The Nigerian Navy has made strides in combating oil theft, uncovering 132,000 litres of stolen crude oil in the Allison community of Bonny Local Government Area, Rivers State. This operation is part of a broader initiative by Operation Delta Sentinel to clamp down on oil theft and economic sabotage in the Niger Delta region.

Oil theft and pipeline losses in Nigeria have decreased by 82.9 per cent over five years, from 102,900 barrels per day in 2021 to 17,600 barrels per day in the first seven months of 2026.