June 13 (Lagos) - Global crude oil prices spiked more than 8% before retreating in the early hours of Friday the 13th of June 2025. Israel carried out more than 100 strikes inside Iran targeting its nuclear refining facilities and its top military leadership in what it called "pre-emptive strikes".
Brent oil prices were up by more than 5% to $71.82 per barrel in London while US WTI crude oil futures were up more than 5.25% to $73.08 per barrel in New York at the time of writing this article.
US President has announced that he was aware of the attacks but US was not involved in any way. He urged Iran to continue talks despite these attacks. Iran has said it will not be continuing with the talks around its nuclear programme.
Israel has warned for years that it cannot see a middle east with a nuclear armed Iran while other middle east nations like Saudi Arabia have expressed similar views.
Higher crude oil prices can benefit Nigeria's forex income but also lead to higher petrol price at the retail pumps.
reporting for easykobo.com on Friday the 13th of June 2025.