Global crude oil soars more than 9% as Middle East tension deteriorates

Global crude oil prices surged sharply on Monday, with both major international benchmarks posting gains of more than 9 percent.

The upsurge comes amid heightened concerns over potential disruptions to global energy supplies following the escalation of airstrikes between Iran and the United States/Israel.

Checks by DAILY POST showed that, West Texas Intermediate crude climbed to $77.92 per barrel, up 9.12 percent, while Brent crude, the international benchmark, rose to $82.98 per barrel, marking a 9.17 percent increase, respectively.

The rally in global crude prices comes amid fear of supply disruptions, particularly around the Strait of Hormuz, one of the world’s most critical oil shipping routes.

The sharp rise in oil prices is expected to increase pressure on domestic energy prices and, by extension, inflation worldwide.

DAILY POST reports that domestic fuel prices in Nigeria stood between N1155 and N1205 per liter in Abuja and environs.