Crude oil price rose to $68 per barrel on Thursday, the highest since September 2025.
Brent crude, the global oil benchmark, rose by 2.24 percent
to $68.88 at 12.40 WAT, while US West Texas Intermediate rose by 1.9 percent to
$64.41 a barrel.
According to Reuters, oil prices are climbing due to growing
fears that a possible US military attack on Iran — the Organisation of
Petroleum Exporting Countries (OPEC’s) fourth-largest producer — could disrupt
output of around 3.2 million barrels per day (bpd).
On Monday, warships were reported to have arrived in the
Middle East.
The warships started moving from the Asia-Pacific region
last week as tensions between Washington and Tehran surged following crackdown
on protests that Iran’s government said had been infiltrated.
On Wednesday, US President Donald Trump said a massive
armada is moving quickly to Iran with “great power, enthusiasm, and purpose”
unless Iran makes a nuclear deal.
Reuters reported on Thursday that Trump is weighing options
that include targeted strikes on Iranian security forces and leaders to
encourage protests that could potentially overthrow the country’s rulers,
citing US officials familiar with the talks.
Iran has vowed a “strong response” should the US attack.
The global crude oil price is above Nigeria’s 2026 budget
benchmark of $64.85 per barrel.
On December 19, President Bola Tinubu presented the 2026
federal budget of N58.18 trillion, with a “conservative” crude oil benchmark of
$64.85 per barrel.
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