Nigerian Oil Output Slumps Amid Escalating Middle East Tensions

Nigeria's crude oil production declined by about 37,000 barrels per day (bpd) in July, reversing part of the recovery seen in the second quarter.

The decline comes as global oil markets remain unsettled by renewed tensions in the Middle East, with Brent crude trading around $89 a barrel after rising about six percent in the previous week.

The rise in prices reflects growing concern over the security of energy supplies from the Middle East, particularly following a threat by US President Donald Trump to attack Oman if the country interferes with the US blockade of Iranian ships operating in the Strait of Hormuz.

Trump's comments have heightened uncertainty across the global energy market, with the prolonged confrontation between the US and Iran now stretching for nearly six months.