Oil Prices Retreat After Briefly Crossing $100 per Barrel

Global crude oil prices retreated on Friday after briefly crossing $100 per barrel, as markets reacted to fresh supply assurances despite lingering geopolitical tensions in the Middle East.

The price surge earlier in the week was driven by concerns over disruptions to global oil supplies following attacks on Saudi-linked oil tankers, raising fears about the security of major energy shipping routes.

However, oil prices eased after OPEC signalled plans to increase crude production. According to reports, seven countries including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman are expected to collectively raise their September production target by 188,000 barrels per day.

The Organisation of the Petroleum Exporting Countries (OPEC) move helped ease market concerns, although renewed geopolitical tensions continue to pose risks. The prolonged Iran-US-Israel conflict has continued to influence global energy markets, with ripple effects being felt in Nigeria.