Crude Oil Price Surges Above $117 Over Fears of Fresh US Strikes on Iran

Crude oil prices leapt above $117 per barrel at the end of the weekend, reaching their highest level since April, due to heightened fears of renewed US military strikes on Iran and increased threats to energy infrastructure in the Middle East. This surge follows a dramatic drop in oil theft in Nigeria, which has plummeted by 82.9 per cent over the past five years, from 102,900 barrels per day (bpd) in 2021 to just 17,600 bpd in the first seven months of 2026.

The Nigerian Navy recently seized 132,000 litres of stolen crude oil in the Allison community of Bonny Local Government Area in Rivers State, thwarting a potential storage point in the illicit petroleum supply chain as Operation Delta Sentinel stepped up its efforts to combat oil theft and economic sabotage in the Niger Delta region.

Brent crude, Nigeria's benchmark, rose by approximately 3.5 per cent to breach the $117 mark during trading hours before moderating to just above $116, still representing a gain of around 2.7 per cent. The latest price surge followed reports that Washington was contemplating fresh military action against Iran following the November 3 midterm elections, sparking concerns that the eighth month-long conflict could intensify rather than yield a diplomatic solution.

Iran has vowed to target oil facilities, undersea cables, data centers, and artificial intelligence infrastructure across the Gulf if the United States and Israel launch a new offensive against the country. Tensions flared again recently when Iran's Islamic Revolutionary Guards Corps (IRGC) claimed it attacked four commercial vessels in the Strait of Hormuz on Wednesday.

In response, the United States ordered the departure of some diplomats and family members of American government employees from Saudi Arabia, which has been repeatedly targeted by Houthi rebels operating from Yemen.