10/09/2026
🇳🇬 Oil prices exceed $100 as US-Iran conflict intensifies 🇳🇬
Global oil prices surpassed $100 per barrel on Wednesday, the first time since late July, due to escalating hostilities between the United States and Iran. Brent crude, the international benchmark, rose to approximately $101.20 a barrel, a more than 3% increase, after briefly crossing the $100 mark. West Texas Intermediate, the US benchmark, traded near $96 a barrel. The US Central Command reported that American forces destroyed five Iranian crude oil carriers in response to ballistic missile attacks by Iran’s Islamic Revolutionary Guard Corps on a US Navy warship. Iran retaliated with ballistic missile attacks on US forces at Jordan’s al-Azraq Air Base, with Jordan’s Armed Forces intercepting 18 of 20 missiles. The IRGC also claimed unverified attacks on US vessels and oil tankers. This escalation follows Houthi attacks on Saudi Arabian energy facilities. For Nigeria, this surge in oil prices presents a significant revenue opportunity, as current Brent prices are well above the $64.85 per barrel benchmark in the 2026 federal budget. However, the rise in oil prices has also led to a sharp increase in petrol prices in Nigeria, from an average of N830 in February to N1,310.
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https://www.baobabpulse.com/article/oil-prices-exceed-100-as-us-iran-conflict-intensifies-vmzd2q