Oil price crosses $90/barrel — first time since April 2024

Global crude oil price surged above $91 a barrel on Friday as the war involving US, Israel, and Iran, continued to spread across the Middle East with no signs of easing.

Brent crude, global oil prices, rose by 6.92 percent to $91.32 a barrel — first time since April 2024.

US West Texas Intermediate also increased by 9 percent to $88.63 per barrel.

On March 3, Brent crude rose to $85 per barrel — from $72 on February 28 — amid supply disruptions.

The latest price surge comes after Saad Al-kaabi, Qatar’s energy minister, warned oil price could rise to $150 per barrel in “two to three weeks” if tankers remain unable to pass through the Strait of Hormuz.

He said if the conflict persists, energy producers across the Gulf region may have to declare force majeure, potentially leading to the suspension of energy deliveries.

“Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure,” Al-kaabi said.

“If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”

Global supply disruptions have led to a surge in petrol pump prices in Nigeria.

On March 5, the Nigerian National Petroleum Company (NNPC) Limited increased petrol price at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.

The spike came after the Dangote Petroleum Refinery increased its ex-gantry petrol price to N874 per litre, from N774 per litre.