Oil Prices Soar Above $100 as Middle East Tensions Escalate

Global oil prices have surged above $100 per barrel as tensions in the Middle East threaten global supplies. The price of Brent crude, a benchmark for Nigeria's crude production, rose by 2.8% to break the $100 barrier on Wednesday.

The latest rally has pushed both Brent and US West Texas Intermediate (WTI) more than 60% higher than their levels at the beginning of the year, raising concerns about a prolonged energy shock that could drive up petrol, diesel, and aviation fuel prices worldwide.

Market participants are closely monitoring tanker movements in the region amid growing uncertainty over the safety and cost of transporting crude. Any disruption to shipping through the Strait of Hormuz, a narrow waterway between Iran and Oman, could have significant implications for global oil supplies.