Brent crude, the global oil benchmark, rose 2.13 percent to $100 a barrel on Wednesday, hitting a six-week high.
US West Texas Intermediate (WTI) also gained 1.76 percent to
$94.67 a barrel.
According to Reuters, oil prices surged as the US-Iran war
threatened crude shipments through the Red Sea, a key alternative route to the
Strait of Hormuz, where oil flows have been severely curtailed since the war
began on February 28.
US central command said its forces destroyed five Iranian
crude oil carriers on September 8 after attempted missile attacks on a US navy warship over the past
two days.
Since the start of the conflict, Brent crude has climbed as
high as $125 a barrel, reaching that peak on April 30.
On Tuesday, Saudi Arabia said attacks by Yemen’s
Iran-aligned Houthis on several energy facilities in the southern region of the
kingdom caused fires and forced a temporary halt to some operations.
Amid the ongoing conflict, the Organisation of the Petroleum
Exporting Countries (OPEC) and its allies agreed on September 6 to pause
planned oil production increases and maintain output levels in October.
The countries are Saudi Arabia, Russia, Iraq, Kuwait,
Kazakhstan, Algeria and Oman.
OPEC said the meeting reviewed global oil market conditions
and the outlook for the market.
In Nigeria, the increasing crude oil prices are expected to
put further pressure on petrol prices, which have already risen above N1,300
per litre.
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