Oil Jumps Above $90 as Trump Promises Iran ‘a Beating’

• Saudi joins strikes against Iran-backed militia

Emmanuel Addeh in Abuja

Oil prices climbed above $90 a barrel yesterday after Saudi Arabia joined the United States in launching airstrikes against Iran-backed groups in Iraq, heightening fears of a wider conflict in the Middle East and raising fresh concerns over global crude supply.

Brent crude, Nigeria’s benchmark, surged more than 7 per cent to trade at $90.25 per barrel, while the US West Texas Intermediate (WTI) crude rose 6.8 per cent to $84.65 per barrel, extending gains as tensions escalated across the region.

The latest rally followed coordinated US-Saudi military strikes against Iranian-backed militias in Iraq after Washington accused the groups of carrying out drone attacks on Saudi oil facilities. The attacks came shortly after the US military said it had thwarted what it described as a surprise Iranian missile attack targeting American troops in the Middle East.