Crude Oil Hits $107 Per Barrel as Fuel Prices Reach Record Highs
Emmanuel Addeh in Abuja Oil prices surged yesterday with Brent crude hitting over $107 per barrel for the first time since May, as traders braced for a more prolonged supply
Oil prices skyrocketed yesterday, reaching a record high of over $107 per barrel for Brent crude, the first time this level has been seen since May. The surge in prices comes as a result of intensified conflict in the Iran Strait of Hormuz and Red Sea, with increased attacks from Iran and its proxies. Nigeria's fuel prices have also climbed, with diesel costing around N2,000 per litre and petrol surpassing N1,400 per litre in certain areas.
This price increase is putting pressure on businesses and households, especially those reliant on petroleum products for power and mobility. Despite increased domestic refining capacity, the pricing of petroleum products remains heavily influenced by crude supply, distribution costs, and market conditions. Yesterday, Brent crude rose 6.1 percent to $107.40 per barrel, while US crude jumped 6.2 percent to $102 per barrel for the first time since May.
Experts warn that the ongoing conflict could further disrupt global oil supplies and drive up energy prices even more. S&P Global Energy now predicts that Middle East oil production will not return to pre-war levels by the end of 2027, keeping oil prices in the $80 to $100 a barrel range throughout next year.
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