On Tuesday, oil prices surged as the conflict between Iran and Israel continues.
According to reports, Brent crude increased by 5.29 per cent to $77.04 a barrel at 22.15 WAT, while US West Texas Intermediate crude rose by 5.28 per cent to $74.84 a barrel.
Reuters reports that although oil flows remained uninterrupted, gas production was partially suspended by Iran at the South Pars field, which it shares with Qatar, after a fire from an Israeli strike on Saturday.
The Shahran oil depot in Iran was also hit by Israel.
With the latest surge in oil prices, Nigeria’s 2025 budget benchmark of $75 per barrel has been surpassed by the global commodity’s value.
This implies a potential increase in the country’s revenue from the oil industry.