The Digest:
Brent crude prices have broken above $100 per barrel for the first time in nearly four years as the Iran-US-Israel conflict escalates dramatically. At the time of reporting, Brent crude surged 13.9% to $105.60 per barrel, while US WTI crude rose 10.7% to $100.66. The rally follows weekend attacks on energy infrastructure and military targets across the region, including Israeli strikes on fuel storage facilities near Tehran and continued Iranian drone and missile attacks. A seventh US service member has died following an Iranian counterattack in Saudi Arabia. Meanwhile, Iran's Assembly of Experts named Ayatollah Mojtaba Khamenei as the country's new supreme leader, signaling continuity in hardline leadership. For Nigeria, the surge has driven petrol prices to between N1,025 and N1,200 per litre across filling stations. Energy traders now fear prolonged supply disruptions affecting major Gulf producers.
Key Points:
- Brent crosses $100 for first time since 2022, hitting $105.60.
- WTI also breaches $100 at $100.66.
- Attacks on energy infrastructure in Iran and Gulf escalate fears.
- Seventh US service member killed in Iranian counterattack.
- Nigeria's petrol prices now range N1,025-N1,200 as crude surge bites.
- Iran names Mojtaba Khamenei new supreme leader, signaling hardline continuity.
Sources: Market Reports, Business Day
