• Oil theft slumps 82.9% to 17,600bpd in 5 years amid contemporary uptick in losses
• Navy uncovers 132,000 litres of stolen crude oil in Bonny
Emmanuel Addeh and Linus Aleke in Abuja
Crude oil costs surged above $117 a barrel on the weekend, reaching their highest degree since April, as fears of renewed US army strikes on Iran and escalating threats to vitality infrastructure throughout the Middle East heightened considerations about world crude provides.
This comes as oil theft and pipeline losses in Nigeria fell by 82.9 per cent in 5 years, from 102,900 barrels per day (bpd) in 2021 to 17,600 bpd within the first seven months of 2026, amid contemporary considerations about additional will increase in misplaced volumes after years of decline.
Meanwhile, the Nigerian Navy has uncovered 132,000 litres of stolen crude oil in Allison group, Bonny Local Government Area (LGA) of Rivers State, disrupting a possible storage level within the illicit petroleum provide chain as troops of Operation Delta Sentinel intensified their clampdown on oil theft and financial saboteurs within the Niger Delta area.
Nigeria’s oil benchmark, Brent crude, climbed by about 3.5 per cent to cross $117 a barrel throughout buying and selling earlier than easing to simply above $116, nonetheless up roughly 2.7 per cent.
The newest rally adopted studies that Washington was contemplating contemporary army strikes in opposition to Iran after the November 3 midterm elections, elevating considerations that the battle, now in its eighth month, may escalate additional moderately than transfer in direction of a diplomatic decision.
Iran had threatened to assault oil services, undersea cables, knowledge centres and synthetic intelligence infrastructure throughout the Gulf if the United States and Israel launched a brand new offensive in opposition to the nation.
Brent crude traded at about $72 a barrel in February, earlier than the battle started, however surged to about $126 a barrel by the tip of April because the battle intensified and considerations mounted over provide safety.
Tensions rose once more throughout the week following claims by Iran’s Islamic Revolutionary Guards Corps (IRGC) that it struck 4 industrial vessels within the Strait of Hormuz on Wednesday.
The US ordered some diplomats and relations of American authorities staff to go away Saudi Arabia, which had confronted continued assaults by Houthi rebels working from Yemen.
