Global crude oil prices eased on Friday after climbing above $100 per barrel on Thursday amid worsening tensions in the Middle East.
Checks on Friday showed that Brent crude declined by 3 percent to $96 per barrel, while West Texas Intermediate (WTI) fell by 2.58 percent to $89.81 per barrel.
This comes after Brent and WTI surged to $100.67 and $92.19 per barrel, respectively, on Thursday before declining on Friday.
The volatility in crude oil prices followed a supply crisis triggered by attacks by Houthi militants on Saudi-linked oil tankers, heightening concerns over the security of global energy supply routes.
However, some respite has begun to emerge after the Organization of the Petroleum Exporting Countries (OPEC) pledged to increase crude oil supply.
Accordingly, Reuters reports that Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman are expected to raise their combined September production target by 188,000 barrels per day (bpd).
Meanwhile, the President of the United States has vowed a “massive attack” on Iran, which could further push crude oil prices higher.
DAILY POST reports that the Iran-US-Israel war, which began on February 28, has continued to impact global energy prices, including domestic oil and gas prices.
In Nigeria, Dangote Refinery, petroleum marketers, and depot owners have recently raised their fuel prices. While Dangote Refinery’s gantry price for petrol stands at N1,215 per litre, Nigerians currently buy the product for between N1,300 and N1,340 per litre in Abuja and its environs.