Oil Surges Past $100 on Red Sea Tensions, Nigeria’s Fuel Costs Poised to Climb
Brent crude jumped nearly 7% above $100 a barrel after Houthi attacks on two Saudi oil tankers in the Red Sea. US West Texas Intermediate also rose by over 5% amid heightened shipping risks. The Iran-aligned militia warned of a naval blockade at Bab el-Mandeb, prompting the US military’s eleventh consecutive night of strikes on Iran. One tanker was reported ablaze following an assault. While higher crude prices could boost Nigeria’s export revenues, petrol at the pump is set to rise sharply. Dangote Petroleum has already increased its ex-gantry price from ₦1,075 to ₦1,215 per litre and resumed petrol sales in naira.
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