By Udeme Akpan
Nigeria is poised to benefit from the latest rally in the global oil market after Brent crude, the country’s major pricing benchmark, climbed to $88.10 per barrel, raising prospects for stronger crude oil earnings, improved foreign exchange inflows and better fiscal performance.
The surge came as geopolitical tensions surrounding the United States-Iran conflict continued to unsettle global energy markets, prompting investors to factor in possible supply disruptions from the Middle East, one of the world’s largest oil-producing regions.
Market data showed Brent crude gaining $3.87, or 4.59 per cent, to $88.10 per barrel, while West Texas Intermediate (WTI) rose $3.54, or 4.48 per cent, to $82.49 per barrel.
Also, natural gas prices also strengthened, climbing 1.85 per cent to $2.911, while gasoline futures jumped 3.29 per cent, reflecting expectations of tighter fuel supplies.
