Global oil prices surged on Wednesday, with Brent crude rising above $95 per barrel for the first time in six weeks amid escalating tensions in the Middle East.
Brent crude gained 3.41 percent to trade at $95.11 per barrel, marking its highest level since June 11.
Meanwhile, US West Texas Intermediate (WTI) also recorded strong gains, rising 3.11 percent to $86.96 per barrel.
The increase comes as concerns grow over possible disruptions to global oil supplies following rising military tensions between the United States and Iran, as well as threats to shipping routes from the Iran-backed Houthi rebels in Yemen.
On Wednesday, the US military announced it had carried out an 11th consecutive night of strikes on Iran.
The attacks came shortly after the Kuwaiti military said it had intercepted Iranian drones.
US President Donald Trump also warned that the United States would retaliate by targeting key infrastructure if Iran attacked ships passing through the Strait of Hormuz, one of the world’s most important oil shipping routes.
Adding to market concerns, the Houthi movement on Tuesday threatened to target vessels transporting Saudi oil through the Bab el-Mandeb Strait and announced what it described as a naval blockade of Saudi Arabia.
The sharp rise in global crude oil prices is expected to increase international fuel costs and could lead to higher petrol prices in Nigeria, where marketers are already facing increased import costs.
Earlier this month, reports indicated that oil importers were considering raising ex-depot petrol prices due to the higher cost of imported petroleum products.
