Global crude oil prices surged on Thursday, reaching their highest levels since September 2025, amid escalating tensions in the Middle East and fears of potential supply disruptions.
Brent crude, the international benchmark, rose 2.24% to $68.88 per barrel, while US West Texas Intermediate (WTI) gained 1.9% to $64.41 per barrel as of 12:40 WAT.
The increase is linked to concerns over a potential US military action against Iran, the world’s fourth-largest OPEC oil producer, which currently produces about 3.2 million barrels per day.
Reports indicated U.S. warships have moved into the region amid growing unrest in Iran, with Washington warning that action could follow if Tehran fails to reach a nuclear agreement. Iran has vowed a “strong response” to any attack.
The rise pushed oil prices above Nigeria’s 2026 budget benchmark of $64.85 per barrel, potentially providing fiscal relief for the country.
However, analysts caution that sustained geopolitical instability could increase global economic uncertainty.
