The U.S. and Iran are moving toward further negotiations to extend a fragile ceasefire, even as tensions over the Strait of Hormuz continue to disrupt global oil flows and keep markets on edge.
The two sides have reached an “in principle” agreement to pursue additional diplomacy following initial talks in Pakistan, according to the Associated Press, as mediators work to resolve key issues before the current truce expires. Discussions are expected to focus on Iran’s nuclear program and the ongoing standoff in Hormuz.
Despite signs of progress, the situation in the critical shipping lane remains volatile. A U.S. naval blockade aimed at curbing Iranian crude exports has been fully implemented, while Iran has continued to restrict access to the strait, effectively limiting broader commercial shipping.
The Strait of Hormuz—through which roughly one-fifth of global oil and LNG supplies typically pass—has remained largely closed to international traffic since the conflict began, triggering a significant supply disruption. Tanker movements have been constrained, with some vessels forced to turn back or reroute, underscoring the ongoing logistical challenges.
Oil prices remain elevated amid the uncertainty. Brent crude was trading just under $96/bbl, up sharply from pre-conflict levels, reflecting continued concerns over supply availability and transport risk.
The standoff has also led to physical damage across Gulf energy infrastructure, further complicating efforts to restore normal export flows. Even if shipping resumes, analysts expect a lag before supply chains normalize and inventories are rebuilt.
While U.S. officials have signaled that the conflict may be nearing an end, Iranian officials have warned that continued enforcement of the blockade could undermine the ceasefire. The opposing positions highlight the fragile nature of current negotiations.
The outcome of upcoming talks will be closely watched by oil markets, as any resolution—or escalation—will have direct implications for global supply balances and price stability.
NCDMB, SPL Pushes For Broader Domestic Gas Supply For Power Generation
The Nigerian Content Development and Monitoring Board and an indigenous company, Southfield Petroleum Limited (SPL), have performed the groundbreaking of a 200 million standard cubic feet per day (MMSCFD) gas processing plant in Iwherekan, Ughelli South Local Government area of Delta State.
The project aims at increasing domestic gas supply for power generation and industrial in the country.
The project is known as Southfield Utorogu Gas Processing Plant.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who performed the ceremony, described the project as a major step toward solving Nigeria’s energy challenges, in line with President BolaTinubu’s Renewed Hope agenda to ensure energy security.
“Government is doing its part by partnering with companies that are investing in the mainstream of our oil and gas industry. One of our problem is bringing the gas to the market. This is a very high capital intensive project.
“NCDMB, as part of federal government’s commitment, decided to invest in this project for the benefit of all Nigerians and for the purpose of ensuring that we have energy that will stimulate industrial growth in Nigeria,” he said.
Governor Sheriff Oborevwori, represented by the Commissioner for Oil and Gas, Chief Peter Uviejitobor, assured the management of NCDMB and SPL that the state government would activate all necessary machineries at its disposal to ensure that the project is completed timely.
Chairman of SPL, Dr. Patrick Ndiomu, said the project is focused on unlocking value from gas—from production to processing and supply.
Global Crude Supply Outlook Significantly Wanes As Producers, Tanker Owners Disagrees On Risks
Crude oil supply market is likely going to remain weak and volatile due to failure of shipowners and charterers to agree on who should take on the risk of crossing the Strait of Hormuz, meaning relatively few vessel bookings are occurring.
This means that, seven weeks into Middle East conflict, shipping goods through the world’s most important energy chokepoint remains intolerably risky for most operators.
At least two oil companies with barrels available inside the Persian Gulf have sought to charter tankers in recent days, insisting that the shipowners should guarantee they will load on time, successfully cross Hormuz and reach their destination without delays, according to people who saw the requests.
One shipowner and several shipbrokers said the demands were unrealistic.
Some owners are also asking for clauses that would be onerous for charterers, according to shipbrokers. The gap between the two sides means that barely any agreements are being reached to load oil inside the Persian Gulf.
“Both sides want the other side to warrant the risk and nobody is budging,” said Halvor Ellefsen, a London-based director at Fearnley’s Shipbrokers UK Ltd. “Many owners ask for big fees in case of cancellation and being paid for potential waiting, which has been a non-starter.”
While Hormuz has been effectively blocked by both Iran and the U.S., a smattering of ships have made their way through. Some have done so by transiting close to the coast of Iran or Oman, or switching off their satellite transponders to make their voyages difficult to detect.
Until the standoff between charterers and shipowners eases, there’s little hope of a wholesale resumption of shipping flows through Hormuz.
Whoever takes on the burden associated with sailing through Hormuz could pay a high price. Last month, the Baltic Exchange in London told brokers that when they assess vessel-hire costs for a tanker carrying oil from Persian Gulf to China, they must include the risk premium.
The current rate is about $475,000 a day, compared with about $160,000 before the war started, according to data from the exchange.
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The CNG Reality Check: Why Nigeria’s Gas Transition is Facing Growing Pains
https://orientalnewsng.com/ncdmb-spl-pushes-for-broader-domestic-gas-supply-for-power-generation/
