Global crude oil prices have climbed above $100 per barrel again as tensions from the ongoing conflict involving Iran, United States and Israel continue to affect supply and global markets.
Brent Crude rose to about $101.3 per barrel, while West Texas Intermediate (WTI) reached $96.30 per barrel as of Friday morning. The increase followed a dip earlier in the week when prices fell below $90 per barrel on Monday and Tuesday.
Data indicates that Brent and WTI crude prices increased by 0.64 percent and 0.09 percent respectively on a day-to-day basis at the time of filing this report.
The price surge comes after nearly two weeks of hostilities, which have reportedly led to the blockage of the Strait of Hormuz and the shutdown of several refinery facilities in the Gulf region, raising concerns about disruptions to global oil supply.
Despite mounting international concern, the opposing sides have shown little sign of backing down, with the crisis continuing to affect economies worldwide, including Nigeria.
The rising crude prices have also triggered increases in petroleum product costs. Reports indicate that the price of Premium Motor Spirit (petrol) has risen multiple times since the conflict began on February 28.
The Dangote Refinery recently raised its gantry price for petrol to N1,175 per litre, up from N799 before the conflict. However, the 650,000-barrels-per-day facility later reduced the price to N1,075 per litre after crude prices temporarily eased earlier in the week.
Currently, petrol and diesel prices are reported to be as high as N1,330 and N1,690 per litre respectively in parts of Abuja, with concerns that further increases could occur if global oil prices continue to rise.