GLOBAL OIL PRICES SURPASS $100 AS IRAN-US-ISRAEL WAR HITS MARKETS
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By: Fasasi Hammad
Global crude oil prices have again crossed the $100-per-barrel mark as the escalating war between Iran, the United States, and Israel continues to impact the Gulf region and international markets.
According to the media, Brent crude reached $101.3 per barrel, while West Texas Intermediate (WTI) hit $96.30 per barrel on Friday morning, rebounding from below $90 per barrel earlier in the week. This represents a daily increase of 0.64% for Brent and 0.09% for WTI.
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The conflict, now in its twelfth day, has disrupted the Strait of Hormuz and forced the closure of major refinery facilities, fueling supply concerns worldwide. Both the US-Israel alliance and Iran have remained steadfast, intensifying uncertainty in global energy markets.
The crisis has directly affected fuel prices in Nigeria. Premium Motor Spirit (PMS) has risen at least three times since the conflict began on February 28. Dangote Refinery, which produces 650,000 barrels per day, increased its gantry petrol price from ₦799 to ₦1,175 per liter before lowering it slightly to ₦1,075 after a brief cooling of crude prices.
Currently, petrol and diesel prices in parts of Abuja have reached as high as ₦1,330 and ₦1,690 per liter, with fears of further increases looming as the Middle East crisis continues.
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