Oil Prices Surge to $96.98 Amid US-Iran Tensions
On Thursday, oil prices rose significantly, with Brent crude reaching $96.98 per barrel, driven by ongoing military tensions between the US and Iran. The US West Texas Intermediate (WTI) also increased by 21 cents to $91.22 per barrel.
Kuwait's armed forces reported ongoing Iranian aggression, intercepting missiles and drones, which has raised concerns about the security of the Strait of Hormuz, a crucial route for global oil supplies. This escalation follows a series of military exchanges between the US and Iran, including US strikes on Iran and Iranian attacks on Jordan, Bahrain, and Kuwait.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that petrol prices in Nigeria have surpassed N1,310 per litre, and some retail stations may adjust their prices as new petroleum products become available. The recent military hostilities have contributed to a more than 7% increase in oil prices this week, reflecting fears of potential disruptions to global oil supplies.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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