On Thursday, July 23, oil prices reached $100 per barrel following reports of attacks on ships in the Red Sea.
Brent crude, the international oil standard, increased by 6.9% to $100.6 per barrel, while US West Texas Intermediate (WTI) rose by 5.63% to $91.72 per barrel.
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This spike in prices was triggered by attacks by Yemen’s Houthis on two Saudi oil tankers, leading to heightened disruptions in global oil transport via the Red Sea and the Strait of Hormuz. The Houthi militia confirmed their involvement in the assault on the vessels, one of which was reportedly set ablaze.
The Iran-aligned Houthis escalated the conflict by threatening to attack Saudi oil-carrying vessels through the Bab el-Mandeb strait and declared a naval blockade against Saudi Arabia.
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Meanwhile, the US military has conducted attacks on Iran for the 11th consecutive night.
While Nigeria stands to gain from increased crude oil export revenues, this situation poses a risk of rising petrol prices domestically and may undo recent progress in controlling inflation.
The Dangote Petroleum Refinery has raised its ex-gantry petrol price from N1,075 to N1,215 per litre and has resumed petrol sales in naira.
