On Thursday, global crude oil prices climbed sharply, reaching levels not seen in about four months amid rising geopolitical concerns that could disrupt supplies from the Middle East.
Gatekeepers News reports that Brent crude, the international benchmark, jumped to around $70 per barrel, its highest since late 2025, while US West Texas Intermediate (WTI) also rose strongly as markets reacted to possible conflict in the region.
Investors pushed prices up after fears grew that the United States might launch military action against Iran, a major oil producer that pumps roughly 3.2 million barrels per day.
Traders are worried that any escalation or disruption, particularly the closure of the Strait of Hormuz, a key route for about 20 million barrels per day of crude, would tighten global supply and lift prices further. An oil market analyst said this tension has pushed Brent crude to levels not seen since August.
The rise came as US President Donald Trump warned of strong action against Iran if it does not alter its stance on nuclear negotiations, and large naval forces were reported moving into the region. These developments, combined with a weaker US dollar, are encouraging investors to push oil contracts higher.
The price surge is significant for oil-producing countries like Nigeria, where the 2026 federal budget was based on a conservative oil benchmark of about $64.85 per barrel, a figure set by the Federal Executive Council to guide revenue projections, expected production and fiscal planning for the year.
