Global oil prices climbed toward $100 per barrel as renewed US-Iran hostilities and Houthi attacks on Saudi tankers stoked fears of prolonged Middle East supply disruptions.
Crude Oil Nears $100 as Mideast Conflict Rattles Markets
Oil markets are on edge. Brent crude jumped 4.68% to $98.47 per barrel on Thursday, while WTI gained $3.28 to hit $90.11, as the US-Iran ceasefire collapsed and hostilities resumed, according to Nairametrics.
Adding to the pressure: Iran’s continued closure of the Strait of Hormuz and fresh Houthi attacks on two Saudi oil tankers in the Red Sea ā their first strike on commercial shipping in months.
The CBN held its benchmark rate at 26.5% this week, citing the Middle East turmoil. Nigeria’s headline inflation eased slightly to 15.91% in June, though food inflation rose to 3.75%.
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