Global crude oil price surged further to $85 a barrel on Tuesday as the conflict involving the United States, Israel, and Iran continues to stoke concerns about supply disruptions.
Brent crude, the global oil benchmark, went up by 8 per cent to $85 per barrel, first time since June 2024, when it hit $85.2.
The current price is high and above Nigeria’s budget benchmark of $64.85 per barrel.
The US West Texas Intermediate crude also gained 6 percent to hit $75.91 per barrel.
Brent had risen to $79 per barrel amid escalating geopolitical tensions in the Middle East.
According to a Reuters report, the price increase was triggered by disrupted fuel shipments and growing concerns that the expanding US-Israel-Iran conflict could further threaten oil and gas supplies from the Middle East.
Since the attacks began in the region, oil and gas facilities in several countries have been closed due to damage or as a safety measure.
On Monday, QatarEnergy, the state-owned energy company of Qatar, halted the production of liquefied natural gas (LNG) due to Iranian military attacks on its operating facilities and on Tuesday, it announced a decision to stop downstream production.
