Middle East Conflict Sends Oil Prices Soaring Above $100
Oil prices surged above $100 per barrel on Friday as escalating conflict in the Middle East raised concerns about global supply security. Brent crude oil, the international benchmark for Nigerian crude oil, traded at around $101.06 per barrel after a sharp increase in the previous session.
The price hike follows attacks on Saudi oil tankers in the Red Sea and threats of further disruptions to vessels carrying crude and petroleum products from the region. Iran-aligned Houthi forces announced a naval blockade targeting Saudi Arabia, which could lead shipping companies to avoid affected waters or demand higher insurance premiums.
Both Brent and U.S. West Texas Intermediate (WTI) crude are on course to record their fourth consecutive weekly advance, with Brent set to rise by approximately 14.6 percent and WTI by 11.8 percent. The rally is likely to intensify inflation concerns across oil-importing economies.