By Sabiu Abdullahi
Global oil prices climbed sharply on Wednesday, with Brent crude rising above $95 per barrel for the first time in six weeks amid growing concerns over instability in the Middle East.
Market data showed that Brent crude gained 3.41 percent to close at $95.11 per barrel, its highest level since June 11. United States West Texas Intermediate (WTI) also recorded an increase of 3.11 percent, reaching $86.96 per barrel.
Analysts linked the rise in prices to fears of possible disruptions to major oil supply routes following the intensifying conflict between the United States and Iran. Concerns have also grown over threats to maritime activities by the Iran-backed Houthi group in Yemen.
On Wednesday, the US military announced that it had carried out attacks on Iran for an 11th consecutive night. The development came shortly after the Kuwaiti military reported that its air defence systems intercepted Iranian drones.
US President Donald Trump also warned Tehran against actions in the Strait of Hormuz, saying the United States would “bomb and destroy one bridge or power plant” whenever Iran targets ships passing through the strategic waterway.
The tension widened further on Tuesday after the Houthis threatened to attack vessels transporting Saudi oil through the Bab el-Mandeb Strait and declared a naval blockade against Saudi Arabia.
The increase in Brent crude prices could have implications for Nigeria, which relies heavily on imported petroleum products. Higher international oil prices may lead to an increase in local petrol prices if import costs continue to rise.
Reports had earlier indicated that oil marketers were considering an upward review of ex-depot petrol prices due to the rising cost of imported fuel cargoes.
