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Commodities

Middle East Conflict Sends Crude Oil Prices Plummeting

Guavy AI Editorial Team
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Oil
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Global crude oil prices plummeted on Thursday to as low as $105.60 per barrel, down from its recent high of $108 per barrel amid escalating conflict between Saudi Arabia and Iran-backed Houthi forces in the Middle East.

The drop in crude oil prices has sent shockwaves through the global energy market, with Brent and West Texas Intermediate (WTI) crude prices falling by 2-3% respectively.

As a result of the price hike, fuel prices in Nigeria have risen to N1,430 per litre, putting pressure on transportation, food, and living costs for citizens.

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