Oil Prices Hit $100 As US-Iran Tensions Escalate
Crude oil prices climbed to $100 per barrel on Wednesday as renewed military tensions between the United States and Iran intensified.
The latest escalation followed attacks involving Iranian oil tankers and American military positions in Jordan, raising fresh concerns about global crude supplies.
US forces reportedly destroyed five Iranian crude carriers, while Iran launched attacks against American forces stationed in Jordan.
The confrontation pushed oil prices sharply higher during early trading before they eased slightly from their session peaks.
Brent crude stood at $100.77 per barrel, while West Texas Intermediate traded at $95.73 as of press time.
The United States Central Command said American forces destroyed five Iranian crude vessels following an attack by Iran’s Revolutionary Guard Corps.
CENTCOM said the Iranian attack involved ballistic missiles fired at a US Navy warship.
Four destroyed vessels were identified as M/T Kaviz, M/T Charminar, M/T Horizon 1 and M/T Riesco.
The vessels were destroyed in the Gulf of Oman, according to the US military command.
The development has heightened fears about possible disruptions to global oil supplies if the conflict between both countries continues to worsen.
Nigeria could also feel the impact as consumers and businesses already struggle with rising petrol and diesel costs.
Petrol currently sells for between ₦1,300 and ₦1,400 per litre, while diesel prices have reached about ₦2,000 per litre.
A prolonged rise in international crude prices could increase transportation, production and operating costs for Nigerian businesses.
It could also place additional pressure on household budgets if higher energy costs are passed on to consumers.
With tensions continuing to mount, attention is now focused on whether the conflict will trigger further disruptions across the international oil market.
