Brent Crude Surges Past $100/Barrel as Middle East Tensions Escalate

Nigeria may face another round of petrol price increases due to rising global oil prices. The Brent crude benchmark hit $100 per barrel on Wednesday for the first time since July 23, following reports of escalating tensions between the US and Iran.

According to market data, Nigeria's Bonny Light oil price climbed 8.76% to $106.30 per barrel from over $90 the previous day.

Tamas Varga, an analyst at PVM Oil Associates, said that unless the Strait of Hormuz reopened and oil began flowing again without interruption, supply would not be aligned with demand for the foreseeable future.