Crude oil surpasses $100 as US-Iran hostilities escalate
Oil prices surged to the $100 mark early Wednesday as tensions between the United States and Iran escalated following fresh attacks on Iranian crude carriers and U.S. forces in Jordan. The latest escalation came after U.S. forces destroyed five more Iranian crude oil tankers, while Iran targeted U.S. forces in Jordan. The attacks followed a […]
Crude oil prices breached the $100 benchmark on Wednesday, as tensions between the United States and Iran intensified following a series of attacks. The latest skirmish erupted after U.S. forces destroyed five additional Iranian crude carriers, in retaliation for an IRGC strike against a U.S. Navy vessel in the Gulf of Oman. Prior to this, Iran had targeted U.S. forces in Jordan.
This escalation follows a weekend of strikes, initiated by U.S. forces targeting three other oil tankers after IRGC attacks on two U.S. warships. Despite a minor dip from their peak, oil prices remain notably high. As of the latest update, West Texas Intermediate (WTI) crude was priced at $95.73 per barrel, while Brent crude stood at $100.77.
U.S. Central Command (CENTCOM) confirmed the destruction of the five vessels, labeling the action as a response to the IRGC attack on the warship. Meanwhile, fuel price pressures persist in Nigeria, with consumers and businesses grappling with the soaring cost of petrol and diesel. PMS is now sold at N1300 to N1,400 per liter, and diesel has reached N2000 per liter.
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