Brent hits $110 as global oil fears threaten Nigeria’s petrol price relief
Brent crude oil prices rose to $110 per barrel on Friday for the first time since May, as renewed attacks on energy infrastructure in the Middle East and Russia heightened supply concerns and weakened prospects for a sustained price decline. The global benchmark gained 3.7%, recording its second consecutive weekly advance as traders increased bets […] The post Brent hits $110 as global oil fears…
Global oil prices surged to $110 per barrel for the first time in nearly five months, signaling a renewed threat to Nigeria's petrol price relief measures. The increase follows attacks on energy infrastructure in the Middle East and Russia, raising concerns over potential disruptions to oil and refined petroleum product supplies.
Traders are increasingly wary of the situation, with Brent crude prices jumping 3.7% and diesel and gasoline futures at record highs. The Nigerian government's recent 30-day petrol discount, introduced to mitigate the impact of rising fuel prices, now faces uncertainty as market participants anticipate price volatility in the coming days.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
