Crude oil prices rose on Wednesday as markets grew concerned about potential disruptions to Iranian supply amid fears of a US strike on Iran and possible Iranian retaliation targeting US regional interests.
Brent crude rose by 1.13 percent to $66.21 a barrel while US West Texas Intermediate crude oil increased by 1.05 percent to $61.79 a barrel.
According to Reuters, earlier today, Tehran, the country’s capital, warned neighbours hosting US troops that it would hit American bases if Washington strikes — a move to deter US President Donald Trump’s threats to intervene on behalf of protesters.
Protests began in Tehran, on December 28, over the collapse of the Iranian currency, and the protests have since spread to towns and cities nationwide, and turned against the nation’s clerical rulers.
On January 12, US President Donald Trump told Iranians to keep protesting, saying “help” was on the way.
Though he did not give further details on the kind of help he was referring to, Trump has recently floated the possibility of military intervention in Iran.
A day later, rights groups and security officials said anti-government protests in Iran escalated and left over 2,000 people dead.
The global crude oil price has once again climbed above Nigeria’s 2026 budget benchmark of $64.85 per barrel, after previously dropping to $60 per barrel.
On December 19, President Bola Tinubu presented the 2026 federal budget of N58.18 trillion, with a “conservative” crude oil benchmark of $64.85 per barrel.
