Oil price hits $100/barrel after attacks on vessels in Red Sea

 Oil price hit $100 a barrel on Thursday after reported
attacks on vessels in the Red Sea.

 

Brent crude, the global oil benchmark, rose by 6.9 percent
to $100.6 a barrel, whthe the US West Texas Intermediate also edged up by 5.63
percent to 91.72 a barrel.

According to a Reuters report on Thursday, the price surge
followed attacks by Yemen’s Houthis on two Saudi oil tankers, escalating
disruptions to global oil shipping through both the Red Sea and the Strait of
Hormuz.

Houthi militia had confirmed attacking two Saudi Arabian oil
tankers in a military operation.

A Saudi news agency said one of the two vessels was ablaze
after an assault while ​sailing
in the Red Sea.

The Iran-aligned Houthis, on Tuesday, opened a new front in
the war by threatening to target vessels carrying Saudi oil in the Bab
el-Mandeb strait — also announcing a naval blockade of Saudi Arabia.

On Wednesday, the US military said it carried out an 11th
consecutive night of attacks on Iran.

While Nigeria may benefit from higher oil prices, the
development could elevate petrol pump prices in the country and reverse current
gains in inflation control.

On Thursday, Dangote Petroleum Refinery increased its
ex-gantry petrol price from N1,075 per litre to N1,215 per litre.

The refinery also resumed the sale of petrol in naira.

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