Global oil price jumped over 7 percent for the first time in over four months on Friday.
Brent crude, the global oil benchmark, rose by 7.92 percent to $74.85 a barrel at 2.00 WAT, from $69 a barrel the previous day — the first time since January 2025.
Similarly, US West Texas Intermediate crude increased by 8.2 percent to $73.61 — also marking its highest level since January 21.
According to Reuters, the rise occurred after Israel launched a barrage of strikes against oil-rich Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.
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On Friday, Israel said it had targeted Iran’s nuclear facilities, ballistic missile factories and military commanders, as part of a prolonged operation to prevent Tehran from building an atomic weapon.
On the other hand, Iran has promised a harsh response to the attack.
US President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the “next already planned attacks.”
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According to Reuters, the National Iranian Oil Refining and Distribution Company confirmed that their oil refining and storage facilities remain undamaged and fully operational.
With oil prices reaching multi-month highs, the global commodity’s value is close to Nigeria’s 2025 budget benchmark of $75 per barrel.
Analysts had expressed concerns that declining crude oil prices could compel the government to explore alternative funding sources for the 2025 budget.
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