Global oil prices climb to their highest levels in months amid fears of attacks on Saudi energy facilities and further disruptions to shipments through the Strait of Hormuz, adding pressure to Nigeria’s petrol market……
Brent crude oil prices surged to $110 per barrel on Friday for the first time since May, as renewed tensions in the Middle East heightened concerns over potential disruptions to global oil supplies.
The international benchmark later settled at $109.86 per barrel, representing a 3.7 per cent increase and its highest closing price since May 19.
US West Texas Intermediate (WTI) crude also recorded gains, rising 3.5 per cent to close at $101.41 per barrel, its highest settlement since September 17.
The rally followed reports of possible attacks on Saudi Arabia’s energy infrastructure, alongside growing concerns over the movement of oil shipments through the Strait of Hormuz, a critical route for global energy supplies.
Energy consultancy firm Energy Aspects said oil prices had rebounded after earlier losses amid rumours of attacks on Saudi energy facilities.
“Israeli reports suggest Iran may be preparing a pre-emptive strike following unusual military movements detected by Western intelligence. Although unverified, these developments reinforce our view that persistent escalation risks will keep flat prices supported,” the firm said.
The latest surge in international crude prices comes amid continued pressure on Nigeria’s domestic petrol market, where global oil movements have contributed to rising pump prices.
On October 8, the Federal Government announced a 30-day petrol discount at Nigerian National Petroleum Company Limited (NNPC) filling stations, alongside plans to cap petrol landing costs at N1,350 per litre in a bid to moderate prices and ease the burden on consumers.
