Oil Prices Surge Past $100 Amid US-Iran Tensions

On Wednesday, global oil prices exceeded $100 per barrel for the first time since late July, driven by heightened tensions between the United States and Iran. Brent crude rose to around $101.20 a barrel, marking a more than 3 percent increase, while West Texas Intermediate traded near $96 a barrel.

The US Central Command reported that American forces destroyed five Iranian crude oil carriers—four in the Gulf of Oman and one near Kharg Island—following ballistic missile attacks by Iran’s Islamic Revolutionary Guard Corps (IRGC) on a US Navy warship. In retaliation, Iran launched ballistic missiles at US forces at Jordan’s al-Azraq Air Base, with Jordan’s Armed Forces intercepting 18 of the 20 missiles.

The IRGC also claimed attacks on US vessels and oil tankers, although these claims remain unverified. The surge in oil prices presents a significant revenue opportunity for Nigeria, as current Brent levels are well above the $64.85 per barrel benchmark used in the 2026 federal budget, potentially boosting government earnings from oil-related revenues.