Oil hits $100 as Middle East tensions raise supply fears

Global oil prices climbed to $100 per barrel on Thursday, as investors weighed the impact of ongoing tensions in the Middle East and the prospects of a ceasefire.

Brent crude, the global benchmark, rose by 3.37 percent to $100.54 per barrel, while US West Texas Intermediate (WTI) gained 3.31 percent to settle at $93.31 per barrel.

The rebound follows a dip earlier in the week, when prices fell to around $96 per barrel after US President Donald Trump signalled a temporary pause in planned military action against Iranian energy infrastructure.

However, renewed concerns over supply disruptions quickly pushed prices upward, as the conflict continues to threaten critical oil transit routes.

Notably, shipments through the Strait of Hormuz a key channel for nearly one-fifth of global crude oil and liquefied natural gas supply have been affected.

Efforts to broker peace are ongoing, with countries such as Turkey, Egypt, and Pakistan engaging Iran over a proposed ceasefire deal. Still, uncertainty remains, as Washington has warned of tougher measures if Tehran fails to respond positively.

The International Energy Agency (IEA) had earlier warned that the conflict could trigger one of the largest supply disruptions in the history of the global oil market, further heightening market volatility.

In Nigeria, the impact is already being felt, with petrol prices rising to record levels as global oil market pressures continue to filter into the domestic economy.