The price of Brent crude oil, the global oil benchmark, rose
by 3.37 percent to $100.54 a barrel on Thursday.
US West Texas Intermediate also increased by 3.31 percent to
$93.31 per barrel.
Oil price had plunged on Monday to $96 a barrel after United
States President Donald Trump, said he would postpone any military strikes
against Iranian power plants and energy infrastructure for five days.
According to Reuters, the new price hike development comes
on concerns that the prolonged conflict in the Middle East stoked concerns over
further supply disruptions.
Iran is still reviewing a US
proposal to end the war, after Turkey, Egypt, and Pakistan took the lead in
efforts to broker a peace deal.
Karoline Leavitt, White House press secretary, said Trump
will hit Iran harder if
Tehran fails to accept that the country has been “defeated
militarily”.
The conflict has halted shipments through the Strait of
Hormuz, which typically carries about one-fifth of the world’s crude oil and
liquefied natural gas (LNG) supply.
On March 13, the International Energy Agency (IEA) said the
war is creating the largest supply disruption in the history of the global oil
market.
Petrol prices in Nigeria rose further to record levels on
Monday as the Middle East rages on.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com