Oil and Gas Prices Surge Amid Middle East Supply Strikes

Oil and gas prices have sharply increased as strikes disrupt supply in the Middle East, with Brent crude, the global oil benchmark, rising 10% to $82 per barrel. The surge follows ongoing missile and drone strikes from Iran, which have raised fears of wider energy supply disruptions.

QatarEnergy has suspended liquefied natural gas production after alleged military attacks on its facilities. The price of natural gas spiked nearly 50%.

Analysts warn that prolonged hostilities could push oil prices above $100 per barrel. The situation has also affected shipping, with two vessels reportedly struck near the Strait of Hormuz, a critical maritime chokepoint for 20% of the world's oil supply.

In response to the volatility in global crude oil prices, local market adjustments have led to increased prices for petrol and diesel in Nigeria, with the ex-depot rate rising to N774 and N875 per liter, respectively. The financial markets reacted negatively to the escalating tensions, with major indices experiencing declines.