Oil Prices Soar Above $107 as Middle East Tensions Escalate

Oil prices surged on Thursday as Brent crude hit over $107 per barrel for the first time since May, driven by tensions in the Strait of Hormuz and Red Sea.

The US and Iran have traded strikes, while the Iran-backed Houthis have attacked Saudi Arabia, igniting further tensions in the region.

In Nigeria, fuel prices continued to rise, with diesel reaching N2,000 per litre in some locations, and petrol climbing beyond N1,400 per litre in parts of the country.

The development adds pressure on businesses and households, particularly manufacturers and transport operators that rely heavily on petroleum products for power and mobility.