Crude oil prices have seen a sudden jump by over seven per cent per cent, reaching $74 per barrel after Israel launched strikes on Iran, targeting its nuclear program and military leaders.
Brent crude rose 74.34, representing 7.18 per cent weekly rise as of 9:51am Nigerian time.
West Texas Intermediate price rose 7.26 per cent to $73.06 for the July contract.
Murban Crude rose 6.56 per cent to $73.79 per barrel as of the time of the report.
Crude oil prices had dropped below $60 per barrel in the first week of May 2025 over US tariff sanctions and OPEC+ decision to accelerate output increases.
Oil-dependent nations like Nigeria feared the impact on its N54.9tn 2025 budget, which set oil benchmark at $75 per barrel and more than 2 million barrels daily production.
However, the Israel-Iran conflict has turned the table.
Israel’s military says it used 200 fighter jets. According to reports, the attack killed General Hossein Salami, the commander-in-chief of Iran’s Revolutionary Guard, who was among the country’s most powerful figures.
It also killed Major General Mohammad Bagheri, Iran’s highest-ranking military officer.
The operation dubbed “Operation Rising Lion” struck Iran’s main enrichment facility in Natanz and nuclear scientists.