Crude oil prices surged to more than $100 per barrel on Wednesday as escalating hostilities between the United States and Iran heightened concerns over global oil supplies.
Brent crude climbed above the $100 mark in early trading following fresh attacks involving Iranian crude carriers and US forces in Jordan.
The latest escalation came after US forces destroyed five more Iranian crude oil tankers, while Iran reportedly launched attacks against US forces in Jordan.
The development followed a series of strikes that began over the weekend, when US forces attacked three other oil tankers after Iran’s Islamic Revolutionary Guard Corps targeted two US warships.
Oil prices later eased slightly from their session highs but remained significantly elevated amid fears that further military confrontation could disrupt crude supplies from the Middle East.
As of press time, West Texas Intermediate crude was trading at $95.73 per barrel, while Brent crude stood at $100.77 per barrel.
The US Central Command said late Tuesday that American forces had destroyed five Iranian crude carriers in response to an attack by the IRGC on a US Navy warship with ballistic missiles.
According to CENTCOM, four of the vessels—M/T Kaviz, M/T Charminar, M/T Horizon 1 and M/T Riesco—were destroyed in the Gulf of Oman.
The surge in global crude prices comes as Nigeria continues to grapple with elevated energy costs, with consumers and businesses already facing high petrol and diesel prices.
A litre of Premium Motor Spirit is currently selling for between N1,300 and N1,400 in parts of the country, while diesel prices have climbed to about N2,000 per litre.
The renewed increase in global crude prices could further heighten concerns over domestic fuel costs, transportation expenses and inflation if the upward trend persists.
