Global crude oil prices surged on Saturday following renewed threats by United States President Donald Trump to launch another military operation against Iran.
Brent crude and West Texas Intermediate (WTI) rose by 3.82 per cent and 3.14 per cent, reaching $116 and $103 per barrel, respectively, according to market figures reported on Saturday morning.
Trump reportedly made the threat on Friday while addressing a rally in Florida, suggesting that the United States could launch another military offensive against Iran under the operation name “Epic Fury”.
“We may do another little Epic Fury,” he said.
The latest threat reversed an earlier easing in oil prices following Trump’s comments suggesting that the conflict involving Iran could end soon.
The prolonged conflict has heightened concerns about global energy supplies and contributed to rising fuel prices, with economies around the world facing additional pressure amid the ongoing Russia-Ukraine war.
In Nigeria, rising global crude oil prices have contributed to increased domestic petroleum product costs, placing additional pressure on households, businesses and transportation expenses.
Although higher international crude prices could boost Nigeria’s oil revenue, the benefits may be offset for consumers by rising domestic fuel costs and the broader impact on inflation and the cost of living.
The latest surge in oil prices underscores the sensitivity of global energy markets to geopolitical tensions, particularly in the Middle East, where any escalation could threaten crude oil production and supply routes.
Comments