Global crude oil prices have climbed above $100 per barrel again as the ongoing Iran-US-Israel war disrupts supply routes and raises fears of further fuel price hikes in Nigeria.
Crude oil prices have surged above $100 per barrel again as the ongoing Iran-United States-Israel war continues to disrupt energy supplies and heighten global economic concerns. Brent crude rose to $101.3 per barrel while West Texas Intermediate climbed to $96.30 as of Friday morning, according to market data.
The spike follows the blockage of the Strait of Hormuz and shutdown of key refinery facilities in the Gulf region after nearly two weeks of fighting.
In Nigeria, petrol prices have already increased several times since the conflict began on February 28, with pump prices reaching as high as N1,330 per litre in parts of Abuja.
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