Oil price increases to $100/barrel after Iran attack on Gulf shipping

By Abubakar Yunusa

Global crude oil price rose to $100 a barrel on Thursday.
Brent crude, global oil benchmark, increased by 8.05 percent to $100 per barrel.
US West Texas Intermediate rose by 8.08 percent to $94.30 per barrel.
According to Reuters, the recent price increase was driven by attacks on oil tankers in the Gulf, which dashed hopes for a near-term de-escalation of the Middle East conflict.
The attacks, according to the publication, briefly drove oil prices above $100 per barrel and raised new concerns about inflation.
Earlier, two fuel tankers in Iraqi waters were struck by explosive-laden Iranian boats, while an Iraqi official told state media that its oil ports “have completely stopped operations”.
Oman also evacuated all vessels from its key oil export terminal at Mina Al Fahal as a precautionary measure.
On March 11, Iran had said it will not allow “a single litre of oil” to pass through the Strait of Hormuz for the benefit of the United States (US), Israel, and their allies.
After oil price eased to $87 a barrel, Dangote refinery reduced its ex-gantry petrol price to N1,075 per litre on Tuesday.
The Nigerian National Petroleum Company (NNPC) Limited also dropped the price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
Petrol prices are expected to rise following the recent surge in global oil prices.
On March 11, the finance ministry said the war in the Middle East may affect Nigeria’s crude oil and gas prices, capital flows in financial markets, as well as global logistics and supply costs.