Brent crude has surged to $115 per barrel, while West Texas Intermediate has climbed to $103 per barrel on Wednesday.
Brent and WTI crude prices increased by more than 3 percent daily, according to source’s checks on worldwide oil prices.
Energy market pricing data shows that the Brent at $115 per barrel is the highest since 2022.
Following the United Arab Emirates’ announcement of its withdrawal from the Organization of the Petroleum Exporting Countries, a significant oil bloc, the price of oil has increased globally.
The globe is currently dealing with a conflict in the Middle East that has been going on for more than two months, and the UAE is leaving OPEC.
According to sources, Nigeria’s domestic fuel costs may rise as a result of the most recent increase in oil prices worldwide.
Fuel prices in Abuja have stayed steady as of Wednesday morning, ranging from N1,290 to N1,310 per litre.
Backstory…
Barely twenty four hours ago, the United Arab Emirates announced on Tuesday that it was leaving OPEC, revealing division among Gulf countries amid an extraordinary energy crisis brought on by the conflict in Iran.
Last month, 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.
Global crude oil prices have been fluctuating in recent times due to the conflict between US and Iran over Strait of Hormuz.
Following this recent development, Dangote Refinery has increased the ex-depot price of petrol by N75.
The price rise from N1,200 to N1,275 per litre was announced by the refinery on Wednesday.
Similarly, coastal costs have increased to N1,215 per litre.
With Brent crude currently pricing at $114.80 a barrel, this adjustment represents a 3.15% rise.
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