Global crude oil prices have climbed above $100 per barrel once more as tensions linked to the ongoing conflict involving Iran, the United States and Israel continue to disrupt energy markets and heighten uncertainty across the Gulf region and the global economy.
Benchmark oil prices recorded fresh gains on Friday morning, with Brent crude rising to $101.3 per barrel, while West Texas Intermediate climbed to $96.30 per barrel. Earlier in the week, both benchmarks had dipped below the $90 per barrel mark on Monday and Tuesday before rebounding sharply.
The latest figures indicate that Brent crude increased by about 0.64 percent on a day-to-day basis, while WTI posted a 0.09 percent rise at the time of reporting.
Energy analysts attribute the surge to escalating geopolitical tensions in the Middle East. Nearly two weeks of conflict have reportedly disrupted key oil routes and infrastructure in the region, including the blockage of the strategically important Strait of Hormuz and the shutdown of some major refining facilities.
The continued standoff between the US-Israel alliance and Iran has raised concerns about prolonged supply disruptions, pushing traders to price in risk premiums in the global oil market.
The impact is also being felt in Nigeria, where petroleum product prices have shown significant volatility since the conflict began on February 28.
Petrol prices have risen multiple times within the period, reflecting fluctuations in global crude oil markets. The Dangote Refinery recently increased its gantry price for petrol to ₦1,175 per litre, compared with about ₦799 before the escalation of tensions in the Middle East. Earlier this week, the refinery had briefly reduced the price to ₦1,075 per litre when crude prices eased.
Across parts of Abuja, petrol and diesel prices are currently reported to be selling for as high as ₦1,330 and ₦1,690 per litre respectively, raising concerns that further increases in petroleum product prices may occur if global crude oil prices continue to rise.
