Brent crude tops $100 as US-Iran tensions intensify

Brent crude oil has climbed above $100 per barrel as renewed hostilities between the United States and Iran heighten fears of further disruption to global energy supplies.

The latest price surge followed fresh military exchanges involving Iranian oil tankers and US forces in Jordan, adding to a series of attacks that have rattled the oil market.

By press time on Wednesday, Brent crude was trading at $100.77 per barrel, while West Texas Intermediate had eased to $95.73 after earlier reaching higher levels during the session.

The escalation came after US forces reportedly destroyed five Iranian crude carriers, following an attack by Iran’s Islamic Revolutionary Guard Corps on a US Navy warship.

The United States Central Command said late Tuesday that its forces had destroyed five Iranian crude oil vessels in response to the IRGC’s use of ballistic missiles against an American warship.

CENTCOM identified four of the vessels as M/T Kaviz, M/T Charminar, M/T Horizon 1 and M/T Riesco, saying they were destroyed in the Gulf of Oman.

The latest confrontation followed earlier US strikes on three other Iranian oil tankers after the IRGC reportedly targeted two US warships.

Although crude prices retreated slightly from their intraday highs, they remained elevated as traders assessed the potential impact of the worsening conflict on oil supplies and shipping routes.

The development is likely to add further pressure to fuel consumers and businesses in Nigeria, where petrol and diesel prices have already risen sharply.

Petrol currently sells for about N1,300 to N1,400 per litre in parts of the country, while diesel prices have climbed to around N2,000 per litre.

A prolonged rise in international crude prices could further complicate Nigeria’s fuel market, particularly through its impact on transportation, logistics and operating costs for businesses.