Global oil prices rose on Wednesday amid concerns over possible disruptions to Iranian crude supply, following heightened tensions between the United States and Iran. Brent crude gained 1.13 percent to trade at 66 dollars 21 cents a barrel, while US West Texas Intermediate rose by 1.05 percent to 61 dollars 79 cents a barrel.
According to Reuters, Iran has warned neighbouring countries hosting US troops that American bases could be targeted if Washington launches a strike. The warning follows weeks of nationwide protests in Iran, which began on December 28 over the collapse of the national currency and have since escalated, with reports from rights groups and security officials indicating more than 2,000 deaths.
Also Read: Nigeria Hits OPEC Quota as July Oil Output Climbs to Six-Month High
The rise in prices has pushed Brent crude above Nigeria’s 2026 budget benchmark of 64 dollars 85 cents per barrel.
Leave feedback about this
You must be logged in to post a comment.