Brent Crude Tops $100 as Middle East Conflict Disrupts Oil Routes
Global oil prices climbed sharply as escalating conflict in the Middle East raised fears of prolonged supply disruptions. Brent crude rose 2.8% to move above $100 per barrel, while U.S. West Texas Intermediate gained 2.9% to $95.70 per barrel. The increase followed reported attacks involving Iranian oil tankers, U.S. forces and Iran-backed Houthi fighters. Rising insecurity around the Strait of Hormuz and nearby shipping routes has restricted tanker movements and pushed up the cost of fuel products. Higher prices for diesel, jet fuel, bunker fuel and natural gas could worsen inflation and transport costs worldwide. For Nigeria, a sustained rise in crude prices may affect government revenue, refining costs and the price of imported fuel products.
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