International crude oil prices surged above $117 per barrel at the weekend, reaching their highest level since April, as rising tensions in the Middle East heightened concerns about disruptions to global energy supplies.

Brent crude, the international benchmark and Nigeria’s oil pricing reference, rose by approximately 3.5 per cent to exceed $117 per barrel during trading before easing to slightly above $116. The price remained about 2.7 per cent higher amid continued market uncertainty.

The rally followed reports that the United States was considering renewed military strikes against Iran after its November 3 midterm elections, raising concerns that the conflict, which began in February, could escalate further instead of moving towards a diplomatic settlement.

Iran has threatened to target oil facilities, undersea cables, data centres and artificial intelligence infrastructure across the Gulf if the United States and Israel launch another offensive against the country.

The threats have increased anxiety over the security of energy infrastructure and key shipping routes, particularly the Strait of Hormuz, a strategic waterway through which substantial volumes of global oil supplies are transported.

Brent crude traded at approximately $72 per barrel before the war began in February but climbed to around $126 per barrel towards the end of April as the conflict intensified and concerns about supply security mounted.

Tensions escalated further during the week after Iran’s Islamic Revolutionary Guards Corps claimed to have struck four commercial vessels in the Strait of Hormuz. The United States also ordered some diplomats and family members of government employees to leave Saudi Arabia amid continued attacks by Houthi rebels operating from Yemen.

The developments have raised concerns about possible disruptions to oil production, exports and maritime transportation across the region. Attacks on energy infrastructure or prolonged restrictions on shipping could tighten supplies and push prices higher.

Meanwhile, Ukraine’s attacks on Russian diesel refineries have added to concerns about the availability of energy products in international markets.

Market movements reflect growing uncertainty over whether the conflict will intensify and whether diplomatic efforts can prevent further disruption to oil supplies.

Nigeria Records Decline in Oil Theft

In Nigeria, oil theft and pipeline losses have declined by 82.9 per cent over five years, falling from 102,900 barrels per day in 2021 to 17,600 barrels per day during the first seven months of 2026.

The reduction represents progress in efforts to curb crude theft and losses from the country’s petroleum infrastructure, although concerns remain about the potential for renewed increases.

In a separate development, the Nigerian Navy uncovered 132,000 litres of stolen crude oil in Allison community, Bonny Local Government Area of Rivers State.

The discovery disrupted what authorities described as a potential storage point in the illegal petroleum supply chain, as troops under Operation Delta Sentinel intensified operations against oil theft and other economic crimes in the Niger Delta.

The latest developments come as Nigeria seeks to improve crude production, reduce losses and strengthen revenue from its petroleum resources.

However, rising international oil prices present both opportunities and risks for the country. Higher crude prices could increase export earnings, depending on production levels and the volume of oil available for sale, while disruptions to global energy markets could increase domestic fuel and transportation costs.

The direction of prices will depend largely on developments in the Middle East, the security of major shipping routes and whether renewed military action can be avoided.