This weekend a violent clash claimed the lives of over 60 people and disrupted the smooth running of about 1.8 million barrels of oil production in the Niger Delta region, the Daily Independent reported.

The report said the situation is having a heavy toll on Nigeria’s economy as foreign firms remove all but essential staff from the areas. Chevron, a source added, could soon declare a force majeure on oil from the Escravos operation, while the Shell Petroleum and Development Company (SPDC) has commenced the evacuation of its staff from the swamp and offshore locations in response to threat by the militants to attack oil workers.

Fears that the violent clash in the region of Nigeria could cause price surge also gripped traders at the global market as transaction resumes Monday, the report added. Although a steady stream of dismal financial news at the weekend suggested that even if the global economy has bottomed out, it would be some time before demand for crude rebounds, traders believed that the renewed violence in Nigeria could single-handedly skyrocket the price.

About 60 people, including militants, soldiers, civilians and a foreign hostage have at the weekend been feared killed around the Escravos River in Warri South-west Local Government Area of Delta State when the military Joint Task Force (JTF) went after "Camp Five" militants led by the Ijaw warlord, Government Ekpemupolo, known
as Tompolo, the highest rate of casualty suffered by the protestors since the conflict started in 2005.

Coordinator, Joint Media Campaign Centre of the JTF, Col. Rabe Abubakar who confirmed the clash added that 10 hostages were rescued from the famous Tompolo Camp Five.

The JTF, in the words of Abubakar, also recaptured the Nigerian National Petroleum Company (NNPC) chartered tanker, MV SPIRIT, and the cargo ship hijacked by militants at the Chanomi Creek in the state. Oil prices have always suffered anytime that violence erupts in the Niger Delta region of Nigeria.