Global crude oil prices dropped on Thursday from as high as $108 per barrel amid escalating conflict between Saudi Arabia and Iran-backed Houthi forces in the Middle East.
An oil price market survey by DAILY POST on Thursday showed that Brent and West Texas Intermediate (WTI) crude dropped to $105.60 and $102 per barrel, respectively, from $108 and $105.
This means that both Brent and WTI fell by between 2% and 3% amid mounting crude supply concerns in the Middle East.
We reported that heightened uncertainties in the Gulf region have pushed global energy prices up across economies, including the United States and Nigeria.