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flag Oil prices rose slightly amid Nigerian tensions and U.S. strikes, but face steep annual declines due to global supply surplus.

flag Although officials confirmed there was no threat to southern oil infrastructure, oil prices slightly increased on Friday amid geopolitical tensions in Nigeria following a U.S. airstrike in Sokoto state that targeted Islamic State militants. flag WTI increased to $58.54 and Brent crude increased to $62.36, but both are still on course for their biggest yearly drops since 2020 as a result of an expanding global supply surplus. flag In an attempt to exert economic pressure, the White House declared that Venezuelan oil would be quarantined for two months. flag In an effort to improve production and regulatory effectiveness under the Petroleum Industry Act, Nigeria named Oritsemeyiwa Eyesan as the new head of its upstream regulator.

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