Oil Prices Surge to $100 Amid US-Iran Tensions

Crude oil prices reached $100 per barrel on Wednesday as tensions between the United States and Iran escalated, raising fears about global oil supply disruptions. The surge followed military actions involving US forces destroying five Iranian crude oil carriers in response to attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) on US warships.

The US Central Command (CENTCOM) confirmed the destruction of the vessels, which included M/T Kaviz, M/T Charminar, M/T Horizon 1, and M/T Riesco, in the Gulf of Oman. This military escalation has heightened uncertainty in the international oil market, with West Texas Intermediate (WTI) crude trading at $95.73 per barrel and Brent crude at $100.77 per barrel.

The rising oil prices have also affected Nigeria, where petrol prices are between N1,300 and N1,400 per litre, and diesel prices have climbed to about N2,000 per litre, increasing operational costs for households and businesses.