$100 Oil Prices Crumble Amid Middle East Tensions
Global crude oil prices have taken a downturn after reaching a high of $100 per barrel on Thursday. The decline was triggered by supply concerns in the Middle East, following attacks by Houthi militants on Saudi-linked oil tankers. Brent crude fell by 3% to $96 per barrel, while West Texas Intermediate (WTI) dropped by 2.58% to $89.81 per barrel.
The Organization of the Petroleum Exporting Countries (OPEC) has pledged to increase crude oil supply, which may help alleviate some of the pressure on prices. However, the US President has vowed a 'massive attack' on Iran, which could potentially push prices higher.
Nigerian consumers are feeling the impact of the price volatility, with Dangote Refinery and petroleum marketers raising fuel prices recently. The current retail price for petrol in Abuja is between N1,300 and N1,340 per litre.