The war between Israel and Iran has caused an immediate spike in Global oil prices by more than 9%
Following the recent preemptive strike announced by Israel on Iran, global oil prices have experienced an immediate surge, as there are fears that there will be a scarcity of PMS in the international and local markets in Nigeria.
According to price indices on Oil Price website, NYMEX Light Sweet, Brent, and West Texas Intermediate (WTI) prices moved up significantly by 9% to 10%, arriving at $73.20, $75.15, and $74 per barrel, respectively. This is widely regarded as the highest price point achieved since February 2025.
Experts have suggested that this price surge is a result of the ongoing war between Israel and Iran, which may disrupt the supply of crude oil from the Middle East.
This will be the first time the global oil prices will exceed Nigeria’s 2025 budget benchmark of $75 per barrel.
With global oil prices experiencing a surge, there will likely be an increase in the local prices of PMS, which is currently between N870 and N910 in Lagos and Abuja, respectively.
The conflict between Iran and Israel, which started late last year with both sides threatening a nuclear war, has now come to reality as Israel launched an attack on Iran’s nuclear site on Friday.
There have been reactions from the United Nations and several powerful countries with regard to the war.
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