Crude oil hits $100 as middle-east tensions push prices higher

Crude oil prices have surged above $100 per barrel as the ongoing tensions involving Iran, the United States, and Israel continue to impact the Gulf region and global markets.

Very Nigerian reports that Brent crude reached $101.30 per barrel, while West Texas Intermediate (WTI) climbed to $96.30 per barrel on Friday morning. This follows a dip below $90 per barrel earlier in the week on Monday and Tuesday.

On a day-to-day basis, Brent and WTI crude prices rose by 0.64 percent and 0.09 percent respectively at the time of reporting, reflecting the market’s sensitivity to geopolitical developments in the Middle East.

Twelve days of war had led to the blockage of the Strait of Hormuz and the shutdown of major refinery facilities in the region.

The US-Israeli alliance and Iran have refused to back down as the crisis in the Middle East affects economies worldwide, including Nigeria.

Very Nigerian reports that premium motor spirit, a product of crude, had gone up at least three times since the war commenced on February 28th.

Dangote Refinery had raised its gantry petrol to N1,175 per liter, up from N799 before the Middle East conflict. However, the 650,000 barrels per day refinery cut the gantry price to N1,075 upon the cooling off of crude oil prices earlier this week.

Currently petrol and diesel prices go for as high as N1,330 and N1,690 per liter in parts of Abuja, with fear of further petroleum product hikes looming.

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