Global oil prices climbed above $100 per barrel on Thursday following fresh attacks on oil vessels in the Red Sea, raising concerns over global supply disruptions and the impact on fuel prices.
Brent crude, the international oil benchmark, rose by 6.9 percent to $100.60 per barrel, while US West Texas Intermediate (WTI) increased by 5.63 percent to $91.72 per barrel.
According to Reuters, the sharp rise came after Yemen’s Houthi rebels reportedly attacked two Saudi oil tankers, escalating tensions in the Red Sea and threatening global oil transportation through the Red Sea and the Strait of Hormuz.
The Houthis later confirmed carrying out the attacks, describing them as part of a military operation.
A Saudi news agency also reported that one of the oil tankers caught fire after it was attacked while sailing through the Red Sea.
Earlier this week, the Iran-backed Houthis announced plans to target vessels transporting Saudi oil through the Bab el-Mandeb Strait, while also declaring a naval blockade against Saudi Arabia.
The latest developments came as the United States military said it had carried out an 11th consecutive night of strikes on Iran, further heightening tensions in the region.
Although higher global oil prices could boost oil-exporting countries like Nigeria through increased revenue, analysts warn that it may also lead to higher fuel prices for consumers and slow recent progress in reducing inflation.
The development comes just hours after the Dangote Petroleum Refinery announced an increase in its ex-depot (ex-gantry) price of petrol from ₦1,075 per litre to ₦1,215 per litre.
The refinery also confirmed the resumption of petrol sales in naira.
