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Oil prices rose on Thursday as uncertainty surrounding the fragile ceasefire in the Middle East and concerns over potential supply disruptions continued to underpin the market.

The naira fell against the US dollar at the Nigerian Foreign Exchange Market (NFEM) window for the third consecutive trading session amid growing FX payments from eligible market participants.

Oil prices increased on Tuesday, with Brent topping $105 per barrel as the market reacted to a cease-fire on life support from the United States President, Donald Trump.

The state-owned oil giant Saudi Aramco reported a 25% increase in first-quarter net profit for 2026, supported by stronger oil prices compared to the same period last year.

Oil prices rose in the global commodity market on Friday as escalating tensions between the US and Iran in the Strait of Hormuz renewed concerns about global energy supply security.

With investor sentiment remaining in doubt, crude oil prices climbed again after a sharp daily slowdown, reflecting persistent uncertainties about the supply outlook.

Crude oil prices plunged on Wednesday, with Brent crude falling by about 10% as reports of a potential agreement between the US and Iran raised expectations of easing geopolitical tensions.

Oil prices declined on Wednesday amid growing optimism over a final agreement between the US and Iran. Brent crude traded at $108.66 per barrel, down around 1.16% from the previous close of $109.87.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has allocated 61.9 million barrels of crude oil to domestic refineries in the First Quarter (Q1) 2026, against 68.7 million barrels offered by producers.

Crude oil prices edged higher during trading hours on Tuesday as rising US-Iran tensions in the Strait of Hormuz fueled market uncertainty.