Nigeria’s crude oil grades record price surge amid Iranian president’s death

Nigeria’s crude oil grade prices in the international market surged amid the death of Iranian President, Ebrahim Raisi.

According to market data, Brass River and Qua Iboe futures of Nigeria’s oil recorded gains on Monday.

Brass River, a sweet medium light crude, gained 0.70 per cent to trade at $86.60 per barrel, while the Qua Iboe, a light sweet crude grade, also gained 0.70 per cent to trade at $86.60 per barrel.

Meanwhile, US WTI and Brent crude stood at $79.96 and $83.81 as of the report’s filing time, respectively.

Earlier, JPMorgan analysts said on Sunday that Raisi’s death could result in volatility in the oil markets.

“From here, we expect overall market fundamentals to improve and see similar inventory draws and price action as observed last summer, with Brent oil moving $10 higher from current levels by September,” JPMorgan analysts said.

DAILY POST reports that the Supreme Leader of Iran, Ayatollah Ali Khamenei, on Monday declared Vice President Mohammad Mokhber the country’s acting president following Raisi’s death.