US-Iran Attacks Push Oil Prices Towards $100

Oil prices surged towards $100 per barrel early Wednesday as tensions between the United States and Iran escalated following fresh attacks on Iranian crude carriers and US forces in Jordan.

The latest escalation came after US forces destroyed five more Iranian crude oil tankers, while Iran targeted US forces in Jordan.

The attacks followed a series of strikes that began over the weekend, when US forces hit three other oil tankers after Iran’s Islamic Revolutionary Guard Corps targeted two US warships.

Oil prices subsequently eased slightly from their session highs but remained significantly elevated.

As of press time, West Texas Intermediate crude was trading at $95.73 per barrel, while Brent crude stood at $100.77 per barrel.

The US Central Command said late Tuesday that American forces had destroyed five Iranian crude carriers, describing the action as a response to an IRGC ballistic missile attack on a US Navy warship.

According to CENTCOM, four of the vessels — M/T Kaviz, M/T Charminar, M/T Horizon 1 and M/T Riesco — were destroyed in the Gulf of Oman.

The fresh attacks have heightened concerns over potential disruptions to global oil supplies as the conflict between Washington and Tehran intensifies.

The development comes amid rising fuel prices in Nigeria, with consumers and businesses already grappling with elevated petrol and diesel costs.

Petrol, also known as Premium Motor Spirit, is currently selling for between N1,300 and N1,400 per litre in parts of the country, while diesel prices have risen to about N2,000 per litre.

Further increases in international crude prices could place additional pressure on fuel prices and transportation costs in Nigeria, depending on exchange rates, supply conditions and domestic pricing decisions.