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US seizes sanctioned oil tanker off Venezuela, sparking piracy row

The United States has seized a sanctioned oil tanker off the coast of Venezuela in a move that sharply escalates tensions with President Nicolás Maduro’s government and jolts global oil markets. President Donald Trump confirmed the operation on December 10, describing the vessel as a “very large” tanker and hinting that “other things” were also happening in the area.​ US officials say the supertanker was carrying sanctioned crude linked to Venezuela and Iran as part of an illicit shipping network that allegedly supports foreign terrorist organisations. Attorney General Pam Bondi said on X that a US seizure warrant was executed by the FBI, Homeland Security, the Coast Guard and supporting military units.​ Video released by US authorities shows helicopters approaching the vessel and armed personnel in camouflage fast roping onto its deck to take control. The ship, previously sanctioned by […]

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Nigeria’s Oil Grades Near $80 as Israel-Iran Tensions Escalate

Nigerian Oil Hits Near-$80 Mark Amid Middle East Tensions Nigeria’s main crude oil grades—Bonny Light and Escravos Light —are now trading close to the key $80 per barrel level. This rise follows growing fears over a potential escalation in the conflict between Israel and Iran . On Friday, Brent crude futures surged nearly 8% , fueled by concerns about regional instability after Iran vowed to retaliate for recent attacks by Israel. This market movement has directly affected Nigerian crude, with both Brass River and Qua Iboe nearing the $80 mark. According to data from OilPrice.com , Brass River is currently trading at $77.09/barrel , up $5.24 (7.29%) , while Qua Iboe stands at $77.14/barrel , also up $5.24 (7.29%) . Though this price jump offers some relief to Nigeria’s strained budget, it highlights how vulnerable the country remains to global […]

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