Global crude oil prices have increased significantly in the last 24 hours after the United States launched fresh airstrikes against Iran.
A crude oil price survey showed that Brent and West Texas Intermediate (WTI) crude blends rose sharply to $95.49 and $90.71 per barrel, respectively, at the time of this report.
This means Brent and WTI rose by 0.54 per cent and 0.84 per cent, respectively, on a day-to-day basis.
Recall that the United States Central Command (CENTCOM) said it had launched a wave of strikes against Iranian “air defence sites, radar systems, maritime assets and facilities, mine-laying capabilities, and communications sites.”
The United States airstrikes were in retaliation for the Islamic Revolutionary Guard Corps (IRGC) targeting commercial shipping in the Strait of Hormuz and U.S. service members in the region.
Earlier, the United States also targeted Iranian tankers as part of a new “tanker-for-tanker” policy in the Strait of Hormuz, putting further pressure on global oil prices.
On Wednesday, diesel prices in the United States surged by almost 7 per cent to $4.71 per gallon.
Consequently, United States President Donald Trump held a White House meeting with energy sector stakeholders on Tuesday to quell the inflationary spiral caused by the escalating conflict in the Gulf region, according to the Financial Times.
In Nigeria, domestic fuel prices jumped by between N46 and N100 per litre to between N1,310 and N1,345 per litre, from N1,210 to N1,275, at MRS, the Nigerian National Petroleum Company Limited (NNPCL), Ranoil and other filling stations in Abuja and its environs.
The latest price hike in Nigeria comes after Dangote Refinery raised its gantry price by N65 per litre.
Fuel price: Brent, WTI global crude prices jump to $95, $90 per barrel as US-Iran conflict escalates