For the first time since May 2022, the price of Brent crude oil increased by 6.24 percent on Thursday to $114.08 per barrel.
US West Texas Intermediate crude oil rose by 0.97 percent to $96.33 a barrel.
The event came after Israel and Iran attacked Middle Eastern energy facilities.
The war involving the United States significantly escalated when Iran began missile assaults on energy facilities in Saudi Arabia and Qatar in response for Israel’s strike on the nation’s South Pars gas facility.
Iranian missile strikes on Ras Laffan, the location of Qatar’s main LNG processing facilities, resulted in “extensive damage,” according to QatarEnergy on Wednesday.
Similarly, US West Texas Intermediate crude rose by 0.97 percent to $96.33 a barrel.
The comes following Israel and Iran’s attacks on Middle Eastern energy facilities.
The war involving the United States significantly escalated when Iran began missile assaults on energy facilities in Saudi Arabia and Qatar in response for Israel’s strike on the nation’s South Pars gas facility.
Iranian missile strikes on Ras Laffan, the location of Qatar’s main LNG processing facilities, resulted in “extensive damage,” according to QatarEnergy on Wednesday.
Saudi Arabia claimed to have stopped a drone attack on a gas plant and fired down four ballistic missiles that were en route to Riyadh on Wednesday.
READ ALSO: War Escalation: Trump, US Mulls Massive Troop Deployment to Iran
Iran had previously warned of evacuations at oil facilities in Saudi Arabia, the United Arab Emirate (UAE), and Qatar, as it prepared to respond to strikes on its South Pars and Asaluyeh energy infrastructure.
Meanwhile, the largest natural gas deposit in the world, known as North Field, is shared by Iran and US ally Qatar on the other side of the Gulf. South Pars is the Iranian portion of this deposit.
Following the strikes, President Donald Trump of the United States threatened to blow up South Pars if the nation kept attacking Qatari oil facilities.
On the Nigerian scene, petrol prices have been visibly impacted by the supply disruption brought on by the conflict in the Middle East.
On March 13, the refinery increased the ex-gantry price of its petrol to N1,175 per litre.
Nigeria’s crude oil production fell to 1.31 million bpd in February, according to the Organisation of Petroleum Exporting Countries (OPEC) data.
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