Brent crude, the global oil benchmark, climbed above $100 per barrel on Wednesday, reaching a six-week high as the escalating US-Iran conflict raised concerns over disruptions to crude shipments.
Gatekeepers News reports that Brent rose 2.13 percent to $100 a barrel, while US West Texas Intermediate (WTI) gained 1.76 percent to $94.67.
The price increase followed heightened tensions around key oil shipping routes, particularly the Red Sea and the Strait of Hormuz, where crude flows have been severely disrupted since the conflict began on February 28.
The US Central Command said its forces destroyed five Iranian crude oil carriers on September 8 following attempted missile attacks on a US Navy warship over two days.
Iran-aligned Houthi fighters have also intensified attacks on Saudi energy infrastructure. Saudi Arabia said attacks on several energy facilities in its southern region caused fires and temporarily disrupted some operations.
The Strait of Hormuz remains a major concern for global energy markets, with roughly one-fifth of the world’s oil and gas supplies normally passing through the waterway. Recent shipping flows have fallen sharply amid the conflict.
Brent crude reached $101.32 per barrel on Wednesday, while WTI rose to $96.48, as attacks on vessels increased fears of prolonged supply disruptions.
Meanwhile, OPEC and its allies agreed on September 6 to suspend planned production increases and maintain September output levels for October, citing prevailing market conditions.
For Nigeria, sustained higher crude prices could provide increased government oil revenue but may also put additional pressure on petrol prices, which have already risen above N1,300 per litre.
