April 12 (Lagos) - Crude oil prices rose as Iran and Israel threatened each other with severe consequences if one was to attack the other. Brent crude prices rose above $90 a barrel at the time, while WTI crude oil was at $ 85.75 levels per barrel in New York at the time of writing this article.
Nigeria's bonny light futures rose above $92 a barrel yesterday.
Analysts earlier this week predicted that crude oil prices could climb over $100 a barrel if there is any escalation between Iran & Israel in the middle east. Israel is already battling various terrorist groups like Hamas which attacked Israel last October and the Lebanon based, Hisbullah which is backed by Iran.
Any further escalation would derail supply lines and also lead to higher inflation for rest of the world.
Nigeria could benefit from higher crude oil prices if the FG could keep boosting its crude oil output and reduce oil theft in the Niger Delta.
reporting for easykobo.com on Friday, April 12 2024 from Lagos, Nigeria