Brent crude jumps over 5% to $97.83 after Israel-Iran strikes threaten Middle East truce
Brent crude surged more than five per cent Monday to $97.83 a barrel after Israel allegedly struck Iran's Karun Petrochemical Company, testing a fragile Middle East truce. West Texas Intermediate climbed 4.8% to $94.85 as traders feared supply disruptions from the escalating conflict between Israel and Iran following Trump's call for restraint.
For Nigeria - Africa's largest oil producer - this price spike could boost government revenue from Bonny Light crude exports but also signal impending fuel price increases at the pump. The attack on Iran's southwestern petrochemical facility follows reports of evacuated workers and damages to its 'knowledge-based' complex producing over 200,000 tonnes annually.
Will higher oil prices translate to increased fuel costs for Nigerian consumers despite subsidy debates, or will the government absorb the windfall to stabilize prices amid existing economic pressures?