OIL PRICES SURGE PAST $95 AS US-IRAN STRIKES INTENSIFY

Global oil prices have surged past $95 per barrel following intensified military strikes between the United States and Iran, raising fresh concerns about supply disruptions in the Middle East.

Brent crude and West Texas Intermediate (WTI) both climbed sharply on heightened geopolitical tensions, with traders fearing potential impacts on key oil production and shipping routes in the region.

Analysts warned that prolonged conflict could lead to tighter global supply, especially as OPEC+ maintains its production strategy. The price rally also reflects broader market nervousness over possible escalation and its ripple effects on energy security.

In Nigeria, the development could boost government revenues from crude oil sales but may worsen domestic fuel costs if international prices remain elevated. Energy experts called for strategic reserves and accelerated local refining capacity to cushion the impact.

Market watchers expect volatility to persist as diplomatic efforts unfold.