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Oil prices rise to $73 per barrel after U.S. strikes on Iran, raising supply disruption fears.
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OPEC+ plans gradual return of 1.65 million bpd cuts, starting April 2026.
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Volatility expected as tensions and supply changes impact global oil markets.
Global oil prices surged to $73 per barrel following fresh U.S. air strikes on Iran, raising fears of supply disruptions in the Middle East and adding volatility to the oil market.
Nigeria’s Bonny Light crude rose to $72.90 per barrel from $70.80, while Brent crude increased to $72.87 from $71.10, and Murban crude climbed to $74.24 from $71.50.
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Analysts attribute the spike to concerns that the conflict could affect Gulf shipping routes and production facilities, tightening global supply.
Meanwhile, members of OPEC+ reaffirmed their commitment to market stability while gradually restoring 1.65 million barrels per day (bpd) of voluntary production cuts.
Eight member countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — announced an increase of 206,000 bpd starting in April 2026, with the full restoration of cuts to be phased in depending on market conditions.
The group emphasized continuous monitoring of market trends and maintaining flexibility to adjust production as needed.
Analysts warn that rising geopolitical tensions combined with the gradual OPEC+ supply return could create further market volatility in the coming weeks.
