Global oil prices rose above $100 per barrel on Wednesday for the first time since late July, as escalating hostilities between the United States and Iran fuelled concerns over potential disruptions to crude supplies.

According to Oilprice.com, Brent crude, the international benchmark, climbed to about $101.20 per barrel, gaining more than three per cent after briefly crossing the $100 mark earlier in the session. US benchmark West Texas Intermediate traded around $96 per barrel.

The surge came amid a fresh escalation in military exchanges in the Middle East, raising fears that prolonged conflict could threaten oil supplies from the region.

The US Central Command said American forces had destroyed five Iranian crude oil carriers, including four in the Gulf of Oman and another near Kharg Island. The strikes followed ballistic missile attacks by Iran’s Islamic Revolutionary Guard Corps on a US Navy warship.

Iran responded by launching ballistic missiles towards US forces at Jordan’s al-Azraq Air Base. Jordan’s Armed Forces said 18 of the 20 missiles were intercepted, while the remaining two landed in unpopulated areas without causing casualties.

The IRGC also claimed to have attacked US vessels and oil tankers, although the allegations had not been independently verified.

The latest escalation follows Houthi attacks on energy facilities in southern Saudi Arabia, forcing the kingdom to suspend operations at several sites.

For Nigeria, the surge in global oil prices presents a potential boost to government revenue. Brent crude and other benchmarks are trading well above the $64.85 per barrel benchmark used in the 2026 Federal Government budget. If sustained, higher prices could increase government earnings from royalties, taxes and other oil-related revenues.

However, the rise in crude prices has also contributed to a sharp increase in petrol prices, which climbed from an average of N830 per litre in February to N1,310 as of the time of filing this report.