Global crude oil prices continued their upward trajectory on Monday as hostilities between Iran, the United States, and Israel entered a fourth day, heightening concerns over energy supply disruptions.
The surge follows coordinated military strikes by the US and Israel on Iran on Friday night, which reportedly resulted in the deaths of 48 senior Iranian figures, including the country’s Supreme Leader, Ayatollah Ali Khamenei. Iran has since launched retaliatory attacks targeting key US allies across the Middle East, triggering a wave of explosions and instability across the region.
The escalating conflict has disrupted oil shipments through the Strait of Hormuz, a critical maritime corridor under Iranian control that handles about 20 percent of global crude supply. Several oil firms have reportedly suspended cargo movements through the channel amid security concerns.
Market data reviewed on Monday showed that Brent crude rose to $78.50 per barrel, up from $72.87 recorded on Saturday, while West Texas Intermediate (WTI) climbed to $71.84 per barrel from $67.02 over the same period.
Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said the crisis presents mixed implications for Nigeria’s economy.
In a statement issued on Sunday, Yusuf described the situation as a “double-edged shock” for Africa’s largest economy.
“While elevated oil prices could bolster Nigeria’s fiscal revenues and external reserves in the short term, the broader impact may be adverse,” he said. “Rising inflationary pressures, declining consumer welfare, capital flow volatility, and risks to global growth could significantly offset the gains.”
